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Addus HomeCare prices $159M offering to fund Hospice Partners of America buy

Addus HomeCare Corp. priced an offering of 2 million common shares at $79.50 each.

The Frisco, Texas-based company also granted underwriters a 30-day option to buy up to an additional 300,000 common shares at the same price.

Gross proceeds are expected to be $159 million, excluding underwriters' allotments. Addus plans to use net proceeds to fund its acquisition of Hospice Partners of America.

Part of the proceeds will also be used for general corporate purposes, including future acquisitions and investments and repayment of debt.

The offering is expected to close on or about Sept. 9.

Jefferies LLC, RBC Capital Markets LLC and Raymond James & Associates Inc. are acting as joint book-running managers for the offering, while Robert W. Baird & Co. Inc., Oppenheimer & Co. Inc., Stephens Inc., William Blair & Co. LLC, BMO Capital Markets Corp., and Sidoti & Co. LLC are acting as co-managers.

Addus HomeCare provides personal care services to the elderly, chronically ill and disabled.