FRANKLIN, Tenn. (AP) -- Acadia Healthcare Co. announced a proposed offering of approximately 9.6 million shares on Tuesday.
The company said that it will be offering 6 million shares, while stockholders will offer about 3.6 million shares.
Acadia plans to give the underwriters a 30-day option to buy up to an additional 900,000 shares. The selling stockholders plan to give the underwriters a 30-day option to buy up to an additional 536,495 shares.
Acadia plans to use its proceeds from the offering to fund acquisitions, including those of Behavioral Centers of America LLC and AmiCare Behavioral Centers LLC. Last week Acadia announced that it plans to buy the two competitors for a combined $258 million.
It also expects to use the proceeds for general corporate purposes, which may include the repaying debt under its senior secured credit facility. Acadia will not receive any proceeds from the shares sold by the selling stockholders.
Shares of Acadia Healthcare fell 59 cents, or 2.6 percent, to $22.24 in afternoon trading. Over the past year, the stock has traded in a range of $5.43 last December to $24.83 in early October.
- Investment & Company Information