Benzinga | Jan 4, 2021 06:43PM EST

AdaptHealth Announced 7M Share Proposed Public Offering of Class A Common Stock

AdaptHealth Corp. (NASDAQ:AHCO) announced today that it has commenced an underwritten public offering of 7,000,000 shares of its Class A Common Stock, and certain selling stockholders intend to offer and sell an additional 1,000,000 shares of the Company's Class A Common Stock, subject to market and other conditions. In conjunction with the offering, the Company intends to grant to the underwriters a 30-day option to purchase up to 1,200,000 additional shares of Class A Common Stock.

The Company intends to use approximately half of the net proceeds of the shares offered by it in this offering, together with senior secured term loan borrowings, the net proceeds from the issuance of unsecured senior notes and cash on hand, to finance the Company's previously announced acquisition of AeroCare Holdings, Inc. ("AeroCare") and to pay related fees and expenses, and the remainder for general corporate purposes, which may include future acquisitions and other business opportunities, capital expenditures and working capital. The Company will not receive any proceeds from the sale of Class A Common Stock by the selling stockholders. The closing of the AeroCare acquisition is not dependent on the consummation of the offering, and the consummation of the offering is not dependent on the closing of the acquisition.

Deutsche Bank Securities, Jefferies, BofA Securities and Truist Securities are acting as lead book-running managers for the offering. Baird, RBC Capital Markets, Stifel, and UBS Investment Bank are acting as joint book-running managers for the offering. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make an offer, solicitation or sale in such jurisdiction.