Why Surgery Partners Stock Is Falling 8% Today

Surgery Partners Inc SGRY shares are trading lower by 8.06% to $25.09 after the company announced a $275M common stock offering.

What Else?

Surgery Partners says an affiliate of Bain Capital, the company's controlling stockholder, has agreed to purchase $225 million of our common stock in a concurrent private placement at the same public offering price per share as the purchasers in the underwritten public offering.

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The concurrent private placement is expected to close within 30 days of the date of the underwritten public offering, subject to the satisfaction of customary closing conditions.

Surgery Partners expects to use proceeds from the offering and the concurrent private placement to repay portions of our long term indebtedness, with the remainder for general corporate purposes.

According to data from Benzinga Pro, SGRY has a 52-week high of $63.87 and a 52-week low of $20.46.