SXC Health Solutions Corp. (SXCI, SXC.TO) on Thursday revealed the pricing of its upsized public offering of common shares. The company said it would sell 4.5 million common shares in its public offering at a price of $41.50 per share.
The company expects to receive net proceeds of about $176.6 million from the offering, after deducting the underwriting discounts and commissions and estimated offering expenses. SXC intends to use these net proceeds for general corporate purposes, which may include financing acquisitions and strategic transactions.
J.P. Morgan Securities Inc. is acting as the sole book-running manager for the offering. The lead managers of the offering are Dougherty Company LLC, SunTrust Robinson Humphrey, Inc. and Versant Partners Inc., and the co-managers are Oppenheimer Co. Inc. and Paradigm Capital U.S. Inc.
In connection with the offering, SXC has granted the underwriters a 30-day option to purchase up to an additional 675,000 shares at the public offering price to cover over-allotments, if any.
The company had announced the offering earlier, but the size of the offering was then said to be 3.5 million shares.
The offering is expected to close on September 23.
SCXI closed Thursday's regular trade at $41.58, down $0.69 or 1.63%, on 791,663 shares.
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