Merit Medical plots public offering

Merit Medical (NSDQ:MMSI) said yesterday that it’s planning a public offering that would reap $200 million at yesterday’s closing price.

South Jordan, Utah-based Merit said it intends to float 3.5 million shares in the offering, plus a 30-day underwriters option for another 525,000 shares. Although the medical device maker hasn’t priced the offering, at yesterday’s closing price of $57.35 it would fetch about $200.7 million, not including the underwriters option (which would gross $30 million at that price if exercised in full).

Merit said it would use the proceeds to pay down debt.

Wells Fargo Securities and Piper Jaffray are joint bookrunners and represent the underwriters in the offering, the company said.

Earlier this week Merit posted second-quarter earnings and sales that came in ahead of expectations and raised its outlook on the rest of the year.

MMSI shares were off -3.8% to $55.20 apiece today in mid-morning trading.

The post Merit Medical plots public offering appeared first on MassDevice.

from MassDevice https://ift.tt/2uQtSoF