Sotera Health Company (SHC) recently unveiled the pricing details of its secondary offering of 25 million common stock shares. The shares, each with a par value of $0.01, are offered to the public at $14.75 each.
As of Wednesday's regular trading, SHC shares closed at $14.95, marking a decrease of $2.39 or 13.75%. It's noteworthy that all the 25 million shares are being offered by existing shareholders. These include affiliates of both Warburg Pincus LLC and GTCR LLC, alongside two executive team members and a single board of directors' member.
Furthermore, the selling shareholders also provided underwriters with an option, valid for 30 days, to buy up to another 3.75 million common stock shares. SHC clarified that it is not offering any shares under this offering and won't be receiving any proceeds either. It has, however, agreed to cover certain offering-related expenses in line with its obligations under an amended and restated registration rights agreement.
The offering is anticipated to close on March 4, 2024.
