SXC prices stock offering, expands size

SXC Health Solutions raises size of public offering, prices it below prior-day close

• On 9:15 am EDT, Friday September 18, 2009

LISLE, Ill. (AP) -- SXC Health Solutions Corp. said Friday it raised the size of a stock offering announced earlier in the week and priced the offering at a discount from the stock's prior-day close.

The pharmacy benefits manager said it raised its offering to 4.5 million shares of common stock from 3.5 million. It priced the offering at $41.50 per share. That is 2.5 percent below the company's closing stock price of $42.58 on Thursday.

The company said it expects to receive net proceeds of $176.6 million from the offering after expenses. If the underwriters exercise their overallotment option in full, it expects $203.3 million.

SXC will use the proceeds for general corporate purposes, including financing potential acquisitions, strategic transactions and capital expenditures.

J.P. Morgan Securities Inc. is acting as the sole book-running manager. The offering was first announced on Monday.

Shares rose a penny to $42.59 in premarket electronic trading Friday.