PLYMOUTH MEETING, Pa.--(BUSINESS WIRE)--AdaptHealth Corp. (NASDAQ: AHCO), a leading provider of home medical equipment, supplies and related services in the United States, announced today the pricing of its previously announced underwritten public offering of 8,000,000 shares of its Class A Common Stock, at a price to the public of $33.00 per share. The offering consists of 7,250,000 shares of Class A Common Stock being sold by the Company and an additional 750,000 shares of the Company’s Class A Common Stock being sold by a selling stockholder. The gross proceeds to AdaptHealth before deducting the underwriting discounts and commissions and estimated offering expenses are expected to be approximately $239.25 million. The Company will not receive any proceeds from the sale of Class A Common Stock by the selling stockholder.
In conjunction with the offering, the Company has granted the underwriters a 30-day option to purchase up to 1,200,000 additional shares of Class A Common Stock. The offering is expected to close on January 8, 2021, subject to the satisfaction of customary closing conditions.
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 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. Canaccord Genuity, SVB Leerink, Citizens Capital Markets, Regions Securities LLC, Fifth Third Securities, Janney Montgomery Scott and KeyBanc Capital Markets, are acting as co-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.
About AdaptHealth Corp.
AdaptHealth Corp. is a leading provider of home healthcare equipment, medical supplies to the home and related services in the United States. AdaptHealth provides a full suite of medical products and solutions designed to help patients manage chronic conditions in the home, adapt to life and thrive. Product and services offerings include (i) sleep therapy equipment, supplies and related services (including CPAP and bi PAP services) to individuals suffering from obstructive sleep apnea, (ii) medical devices and supplies to patients for the treatment of diabetes (including continuous glucose monitors and insulin pumps), (iii) home medical equipment (HME) to patients discharged from acute care and other facilities, (iv) oxygen and related chronic therapy services in the home, and (v) other HME medical devices and supplies on behalf of chronically ill patients with wound care, urological, incontinence, ostomy and nutritional supply needs. The Company is proud to partner with an extensive and highly diversified network of referral sources, including acute care hospitals, sleep labs, pulmonologists, skilled nursing facilities, and clinics. AdaptHealth services beneficiaries of Medicare, Medicaid and commercial insurance payors. As of September 30, 2020, AdaptHealth services over approximately 1.8 million patients annually in all 50 states through its network of 269 locations in 41 states.
