Sotera Health tumbles as PE backers, CEO to sell stock
28/02/2024 15:54
** Sotera Health's SHC.O stock down 9.2% at $15.75 on Weds
after sterilization services, lab testing firm launches
secondary offering
** SHC's shares tracking biggest one-day pct loss since Nov
2022
** SHC late Tues said private equity firms Warburg Pincus
and GTCR, along with co's execs and a board member, to sell 25
mln shares
** Warburg and GTCR to offload ~14.4 mln shares and ~9.6 mln
shares, respectively, while CEO Michael Petras looks to sell
about 873,000 shares, per the SEC prospectus filing
** SHC has 282.8 mln total shares outstanding as of Feb 20
** JP Morgan, Goldman, Citi and Jefferies jt lead
bookrunners for offering, slated to price Weds AMC
** Co early Tues announced Q4 adj EPS of 26 cents, inline
with LSEG consensus view
** With move on the session, SHC's shares down ~6% YTD. They
ended 2022 at $8.33
(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))