Acadia Healthcare Announces Closing of Equity Offering and Underwriters’ Exercise of Option to Purchase Additional Shares
June 17 2014 - 4:03PM
Business Wire
Acadia Healthcare Company, Inc. (NASDAQ: ACHC) today announced
the completion of an underwritten public offering of 8,886,363
shares of Acadia’s common stock, reflecting 8,881,794 shares sold
by Acadia and 4,569 shares sold by a selling stockholder. Included
in the shares are 1,154,521 shares sold by Acadia and 4,569 shares
sold by the selling stockholder pursuant to the underwriters’
exercise in full of their option to purchase additional shares of
common stock.
The shares of common stock were sold at a public offering price
of $44.00 per share, for net proceeds to Acadia of approximately
$374.0 million, after underwriting discounts and commissions and
estimated offering expenses. Acadia intends to use the net proceeds
from the offering principally to fund its acquisition strategy,
particularly the planned acquisition of Partnerships in Care and
the fees and expenses related to the transaction, and otherwise for
general corporate purposes. Acadia did not receive any proceeds
from the sale of shares by the selling stockholder.
BofA Merrill Lynch, Jefferies LLC and Citigroup acted as joint
book-running managers for the offering, and Raymond James &
Associates, Inc., RBC Capital Markets, LLC, Avondale Partners, LLC,
Robert W. Baird & Co. Incorporated and BMO Capital Markets Corp
acted as co-managers. The offering was made only by means of a
written prospectus, copies of which may be obtained by contacting:
(i) BofA Merrill Lynch, 222 Broadway, New York, New York 10038,
Attn: Prospectus Department or e-mail
dg.prospectus_requests@baml.com; (ii) Jefferies LLC, Attention:
Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd
Floor, New York, NY 10022, by telephone at (877) 547-6340 or by
e-mail at prospectus_department@jefferies.com; or (iii) Citigroup,
c/o Broadridge Financial Solution, 1155 Long Island Avenue,
Edgewood, NY 11717 or e-mail BATProspectusdept@citi.com.
The common stock described above was sold by Acadia and the
selling stockholder pursuant to an automatic shelf registration
statement that was filed with the Securities and Exchange
Commission on June 9, 2014. The specific terms of the offering are
described in a final prospectus supplement and accompanying
prospectus that have been filed with the SEC and are available for
free on the SEC’s website at http://www.sec.gov.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy these securities, and shall not
constitute an offer, solicitation or sale in any jurisdiction in
which such offer, solicitation or sale is unlawful.
Forward-Looking Statements
This news release contains forward-looking statements. Generally
words such as “may,” “will,” “should,” “could,” “anticipate,”
“expect,” “intend,” “estimate,” “plan,” “continue,” and “believe”
or the negative of or other variation on these and other similar
expressions identify forward-looking statements. These
forward-looking statements are made only as of the date of this
news release. The Company does not undertake to update or revise
the forward-looking statements, whether as a result of new
information, future events or otherwise. Forward-looking statements
are based on current expectations and involve risks and
uncertainties.
About Acadia
Acadia is a provider of inpatient behavioral healthcare
services. Acadia operates a network of 52 behavioral healthcare
facilities with more than 4,300 licensed beds in 24 states and
Puerto Rico. Acadia provides psychiatric and chemical dependency
services to its patients in a variety of settings, including
inpatient psychiatric hospitals, residential treatment centers,
outpatient clinics and therapeutic school-based programs.
Acadia Healthcare Company, Inc.Brent Turner,
615-861-6000President
Acadia Healthcare (NASDAQ:ACHC)
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