GE HealthCare
(Nasdaq: GEHC)
announced today that it priced an underwritten public offering worth an amount totaling more than $1 billion.
Chicago-based GE HealthCare priced the offering of 13 million shares of common stock at $82.25 per share. That translates to $80.605 per share, net of underwriting discount. At the price of $82.25 per share, the total equity value of the offering reaches nearly $1.07 billion.
The company is not selling any shares of common stock and won’t receive any proceeds from the sale of shares in the offering or from its debt-for-equity exchange.
Prior to the offering’s closing, GE expects to exchange the GE HealthCare shares for indebtedness of GE held by Morgan Stanley. Following this exchange, if consummated, Morgan Stanley intends to sell the GE HealthCare shares to the offering’s underwriters.
Morgan Stanley granted the underwriters an option to purchase additional GE HealthCare shares at the public offering price less the underwriting discount for 30 days, according to a news release.
Morgan Stanley, BofA Securities, Citigroup, Evercore ISI, Goldman Sachs & Co. LLC and J.P. Morgan are serving as the lead joint book-running managers for the Offering. BNP PARIBAS, Credit Agricole CIB, HSBC, SMBC Nikko and SOCIETE GENERALE are also serving as joint book-running managers for the Offering. The Offering is expected to close on February 21, 2024, subject to customary closing conditions.
