Owens & Minor (NYSE:OMI) announced that it commenced an underwritten public offering worth up to $172.5 million.
Richmond, Va.-based Owens & Minor is offering $150 million in shares of its common stock and it intends to grant the underwriters an option to purchase up to an additional $22.5 million in common stock shares, according to a news release.
The company expects to use all or substantially all of the net proceeds collected from the offering to repay debt, with any remaining proceeds earmarked for general corporate purposes. Owens & Minor did not offer an expected date for the closing of the offering.
Citigroup, BofA Securities and J.P. Morgan Securities LLC are acting as joint book-running managers in the offering. Baird is also acting as a joint book-running manager.
