Apria Announces Pricing of Secondary Offering of Common Stock

Rhea-AI Summary

Apria announced a secondary offering of 4,500,000 shares of its common stock at $31.50 per share, with a 30-day option for underwriters to purchase an additional 675,000 shares. The offering, led by Blackstone, is set to close on November 15, 2021, pending customary conditions. Apria will not receive proceeds from the stock sale. Citigroup and Goldman Sachs are joint lead managers for the offering, alongside several other financial institutions. This press release includes forward-looking statements and emphasizes that investors should refer to SEC filings for risk factors.

Positive

• Offering of 4,500,000 shares priced at $31.50 per share.
• Underwriters granted a 30-day option for an additional 675,000 shares.

Negative

• Apria will not receive any proceeds from the stock offering.
• Potential dilution of existing shares for current shareholders.

INDIANAPOLIS, Nov. 10, 2021 (GLOBE NEWSWIRE) -- Apria, Inc. (the “Company” or “Apria”) (Nasdaq: APR) announced today the pricing of a previously announced secondary offering of 4,500,000 shares of Apria common stock by a selling stockholder affiliated with Blackstone at a price to the public of $31.50 per share. The selling stockholder has also granted the underwriters a 30-day option to purchase up to 675,000 additional shares of common stock. The offering is expected to close on November 15, 2021, subject to customary closing conditions.

Apria is not offering any shares of its common stock and will not receive any net proceeds from the sale of common stock by the selling stockholder. Citigroup and Goldman Sachs & Co. LLC are acting as joint lead book-running managers for the offering. BofA Securities, UBS Investment Bank and Piper Sandler are acting as joint book-running managers for the offering. Citizens Capital Markets, Fifth Third Securities, TD Securities, Academy Securities, Blaylock Van, LLC, Penserra Securities LLC and Stern are acting as co-managers for the offering.

The offering of these securities is being made only by means of a prospectus. When available, copies of the preliminary prospectus and the prospectus relating to the offering may be obtained from: Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 1-800-831-9146 or by email at prospectus@citi.com; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, by telephone at 1-866-471-2526, by facsimile at 1-212-902-9316 or by email at prospectus-ny@ny.email.gs.com; BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001 or by email at dg.prospectus_requests@bofa.com; or UBS Securities LLC, Attention: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, by telephone at (888) 827-7275 or by emailing ol-prospectus-request@ubs.com; or Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, Minnesota 55402, or by email at prospectus@psc.com or by telephone at 1-800-747-3924.

A registration statement, including a prospectus, which is preliminary and subject to completion, relating to these securities has been filed with the Securities and Exchange Commission (the “SEC”) and has become effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Apria

Apria is a leading provider of integrated home healthcare equipment and related services in the United States, providing home respiratory therapy, obstructive sleep apnea treatment and negative pressure wound therapy. Its approximately 280 locations throughout the continental United States and Hawaii serve nearly 2 million patients each year. All of Apria’s locations are accredited by The Joint Commission.        

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include any statements regarding the proposed offering of Apria common stock and other non-historical statements. Forward-looking statements include all statements that do not relate solely to historical or current facts. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “predicts,” “intends,” “trends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors include but are not limited to those described under “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and in the Company’s Quarterly Report on Form 10-Q for the three months ended June 30, 2021, each as filed with the SEC, as such factors may be updated from time to time in the Company’s periodic filings with the SEC. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in the Company’s filings with the SEC. Investors are urged to consider carefully the disclosure in the Company’s filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Investor Contacts

Kevin.Ellich@westwicke.com

Media Contacts

Mark.Corbae@westwicke.com
Kyle.Evans@westwicke.com

FAQ

What are the details of the Apria secondary stock offering?

Apria's secondary offering includes 4,500,000 shares priced at $31.50 each, with an additional 675,000 shares option for underwriters. The closing date is November 15, 2021.

Who is managing the Apria stock offering?

Citigroup and Goldman Sachs are the joint lead managers, along with BofA Securities and UBS Investment Bank.

How will the secondary offering impact APR shareholders?

The offering may lead to dilution for existing shareholders since Apria will not receive any proceeds from the share sale.

When is the closing date for Apria's stock offering?

The offering is expected to close on November 15, 2021.