GE HealthCare (Nasdaq: GEHC) + announced that it priced a secondary underwritten offering of 15 million shares of its common stock.

The Chicago-based company upsized a previously announced offering of 10 million shares. It priced the shares in the offering at $86 per share. That amounts to a total value of approximately $1.29 billion.

Prior to the closing of the offering, GE Aerospace (General Electric Company) expects to exchange GEHC shares for indebtedness held by Morgan Stanley. Following this debt-for-equity exchange, if consummated, Morgan Stanely intends to sell GEHC shares to the underwriters in the offering. The selling stockholder granted the underwriters the option to purchase 2.25 million additional shares of GE HealthCare common stock for settlement on or before Sept. 30, 2024.

GE HealthCare said in a news release that it is not selling any shares of common stock and won’t receive any proceeds from the sale of the shares in the offering or from a debt-for-equity exchange.

Morgan Stanley and Citigroup serve as the lead joint book-running managers for the offering. GE HealthCare expects the offering to close on Sept. 16, 2024, subject to customary closing conditions.

This offering mirrors a $1 billion offering priced by GE HealthCare in February of this year. The company priced the offering of 13 million shares of common stock at $82.25 per share. Like the current offering, GE Aerospace expects to swap shares for indebtedness held by Morgan Stanley.