BrightSpring Health falls as KKR, management offload in $881 mln secondary offering
BUZZ-BrightSpring Health falls as KKR, management offload in $881 mln secondary offering ** Shares of BrightSpring Health Services BTSG.O down 3.9% before the bell on Thurs at $58.50 after $881 mln secondary offering priced
** Home healthcare and hospice provider late Weds announced some stockholders, including a KKR KKR.N affiliate, and members of management sold 15 mln shares at $58.75
** Offering price represents 3.5% discount to stock's last sale on Weds
** In addition, BTSG to concurrently repurchase ~1.03 mln of offering shares
** Goldman Sachs sole bookrunner for offering
** Louisville, Kentucky-based BTSG has ~193.9 mln shares outstanding
** In Mar, buyout firm KKR and CEO Jon Rousseau offloaded shares in secondary offering priced at $41.15
** Through Weds, BTSG shares up ~63% YTD
** All 16 analysts are bullish on the stock including 6 "strong buy" ratings; median PT $63, per LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))