Sep 24 2009
SXC Health Solutions Corp. ("SXC" or the "Company") (NASDAQ: SXCI, TSX: SXC) announced today that it successfully completed its previously announced public offering of 5,175,000 of its common shares at a price to the public of $41.50 per share, which includes 675,000 shares sold pursuant to the exercise of the underwriters' over-allotment option.
The net proceeds to SXC from the offering are approximately $203.3 million, after deducting the underwriting discounts and commissions and estimated offering expenses. SXC intends to use the net proceeds from the offering for general corporate purposes, which may include financing potential acquisitions and strategic transactions, funding capital expenditures and providing working capital to enhance capital and maintain financial flexibility.
The offering was conducted as a public offering pursuant to an effective shelf registration statement under the Securities Act of 1933 and, in Canada, pursuant to a prospectus supplement to the Company's base shelf prospectus dated September 14, 2009 (the "Canadian Prospectus"). J.P. Morgan Securities Inc. acted as the sole book-running manager for the offering. The lead managers of the offering were Dougherty & Company LLC, SunTrust Robinson Humphrey, Inc. and Versant Partners Inc., and the co-managers were Oppenheimer & Co. Inc. and Paradigm Capital U.S. Inc.
Source: SXC HEALTH SOLUTIONS CORP.