BrightSpring Plans 15M-Share Secondary Offering with Up to $60M Repurchase
BTSG•BrightSpring Health Services stockholders plan to sell 15,000,000 common shares in a secondary offering entirely by existing holders, including a KKR affiliate and management. The company authorized repurchase of up to the lesser of 10% of shares sold or $60.0 million at the offering price.
1. Secondary Offering Details
Certain existing stockholders, including a Kohlberg Kravis Roberts affiliate and management members, will offer 15,000,000 common shares in a secondary offering with all proceeds going to the selling parties. BrightSpring itself is not selling any shares in this transaction.
2. Concurrent Share Repurchase Plan
Following the offering, BrightSpring will repurchase up to 10% of the shares sold or a maximum of $60.0 million out of the 15,000,000 shares at the same per-share price paid by the underwriter to sellers. The underwriter will not earn fees on shares repurchased by BrightSpring.
3. Transaction Structure and Timing
Goldman Sachs & Co. LLC is the sole book-running manager. Both the offering and repurchase are expected to close simultaneously, though each is not contingent on the other’s completion.
