Shares of Surgery Partners Inc. shed 2.6% in premarket trading Monday, after the outpatient health care services company said it launched a public offering of $275 million worth of its common stock. The offering represents 11.2% of the market capitalization of $2.45 billion as of Friday’s close. Separately, an affiliate of Bain Capital, which is the largest shareholder owning about 54.5% of the shares outstanding, according to FactSet data, has agreed to buy $225 million worth of common stock in coincident private placement. The company plans to use the proceeds from the public offering and private placement to pay down long-term debt and general corporate purposes. The stock has tumbled 20.0% over the past three months through Friday, while the S&P 500 has lost 6.2%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.