Acadia Healthcare sells additional share to underwriters under exercise of option 

Acadia Healthcare sells additional share to underwriters under exercise of option

Dec 27, 2012 (Menafn - M2 EQUITYBITES via COMTEX) --Acadia Healthcare Company Inc ACHC, a provider of inpatient behavioural health care services, announced on Wednesday the sale of additional shares of common stock by the underwriters exercising in full their option to purchase additional shares related to Acadia's registered public offering of 10,576,623 shares that closed 12 December 2012.

While exercising this option, the underwriters purchased an additional 1,050,000 shares of common stock from the company and an additional 533,153 shares of common stock from certain of the selling stockholders, collectively, all at the public offering price less underwriting discounts and commissions.

Reportedly, Acadia received approximately USD173.0m in net proceeds from the offering, after deducting underwriting discounts and commissions and estimated expenses of the offering, including approximately USD22.7m from the exercise of the underwriters' option.

Acadia is expected to use the net proceeds from the offering principally to fund its acquisition strategy, particularly the planned acquisitions of Behavioral Centers of America LLC and AmiCare Behavioral Centers LLC. Also, the proceeds will be used for general corporate purposes, which may include the repayment of debt under its senior secured credit facility. Acadia did not receive any proceeds from the sale of shares by the selling stockholders.

BofA Merrill Lynch, Citigroup and Jefferies & Company Inc acted as joint book-running managers for the offering, with RBC Capital Markets, Raymond James & Associates Inc and Avondale Partners LLC acting as co-managers.

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