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ST. LOUIS - Rehabilitation services provider RehabCare Group Inc. said Monday it is selling up to 5 million shares of stock to help pay for its acquisition of Triumph HealthCare, a Texas-based hospital operator.
RehabCare said it has started a sale of 4.35 million shares to the public. The underwriters of the sale will have the option to buy another 652,000 shares over the next 30 days. The company will use the proceeds from the sale, along with other borrowings, to pay for the $570 million purchase of Triumph.
If any funds are left over after the Triumph deal is complete, or if the sale is not completed, the money will be used for general corporate purposes, RehabCare said. The acquisition was announced Wednesday.
The joint book-running managers for the offering will be BofA Merrill Lynch and JPMorgan Securities. Deutsche Bank Securities, RBC Capital Markets and Morgan Keegan will be co-managers.
RehabCare had 18.4 million shares outstanding as of Oct. 31.
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