Jefferies to help raise funds to acquire HS Infusion for $85 million
By Devika Patel
Knoxville, Tenn., June 22 – BioScrip, Inc. said the underwriters for its public offering of stock opted to exercise the deal’s $10.4 million greenshoe in full, lifting total proceeds of the offering to $90.4 million. The deal was announced June 13 and priced for $80 million with the greenshoe on June 16.
The company sold 45.2 million common shares at $2.00 per share. The price per share is an 8.68% discount to the June 15 closing share price of $2.19. Of the shares, 5.2 million were part of the fully exercised greenshoe.
Jefferies LLC was the lead joint bookrunner and SunTrust Robinson Humphrey, Inc. was a passive bookrunner.
Proceeds will be used to acquire all of the assets and liabilities of HS Infusion Holdings, Inc. for $85 million in cash and stock and a contingent consideration in the form of restricted shares, to repay debt and for general corporate purposes.
BioScrip is a provider of home infusion and other health-care services based in Elmsford, N.Y.
| Issuer: | BioScrip, Inc.
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| Issue: | Common stock
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| Amount: | $90.4 million, including $10.4 million greenshoe of 5.2 million shares
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| Shares: | 45.2 million
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| Price: | $2.00
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| Warrants: | No
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| Bookrunners: | Jefferies LLC and SunTrust Robinson Humphrey, Inc.
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| Co-manager: | Craig-Hallum Capital Group LLC
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| Announcement date: | June 13
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| Pricing date: | June 16
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| Settlement date: | June 22
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| Stock symbol: | Nasdaq: BIOS
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| Stock price: | $2.19 at close June 15
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| Market capitalization: | $191.21 million
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