Pennant Group dips after stock offering priced

Pennant group

03/10/2024 12:34

** Shares of healthcare services firm Pennant Group Inc
 PNTG.O  down 1.1% premarket to $32.10 after follow-on priced
    ** Home health, hospice and senior living operator late Weds
announced 3.5 mln shares at $31 for $108.5 mln gross raise
    ** Offering price represents 4.5% discount to stock's last
sale
    ** Citigroup and Truist lead bookrunners, joined by Wells
Fargo and RBC
    ** Co intends to use net offering proceeds to repay debt
under its revolver and for general purposes
    ** With ~30.3 mln shares outstanding, co has ~$984 mln
market cap
    ** Through Weds, PNTG up 133% in 2024 and stock was trading
around $11 a yr ago

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))