Sun Healthcare Group, Inc. (NASDAQ: SUNH) announced the completion of its previously announced sale of over 26 million shares of its common stock. The net proceeds were approximately $224.8 million after deducting various expenses associated with the offering. Sun intends to use the net proceeds from the offering to repay a portion of the outstanding term loans under its existing credit facility.
"We are pleased with the response to the equity offering, which provides us the ability to pay down a significant portion of our indebtedness. Following the success of this offering, we are looking forward to completion of the proposed separation of our operating businesses and our real estate assets," said Richard K. Matros, Sun’s chairman and chief executive officer.