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Sun Healthcare Group, Inc. Announces Exercise of Over-Allotment Option
Contact: Investor Inquiries (505) 468-2341
Media Inquiries (505) 468-4582
Irvine, Calif. (Dec. 22, 2005) -- Sun Healthcare Group, Inc. (NASDAQ NM: SUNH) announced today that on Wednesday, December 21, 2005, the underwriters of its previously announced public offering of 6,000,000 shares of common stock have exercised in full their option to purchase an additional 900,000 shares of common stock at $6.00 per share to cover over-allotments, for additional gross proceeds of $5.4 million, before underwriting discounts and commissions and expenses payable by the Company. The sale of the initial 6,000,000 shares and the optional 900,000 over-allotment shares is expected to close on December 27, 2005. Sun intends to use the net proceeds from this offering to repay amounts outstanding under its revolving credit facility.
UBS Investment Bank acted as the sole book-running manager of this offering. CIBC World Markets and Jefferies & Company acted as co-managers. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, 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. A prospectus supplement relating to these securities has been filed with the Securities and Exchange Commission. The offering of the shares of common stock may be made only by means of the prospectus supplement and related prospectus, copies of which are available from UBS Investment Bank, Prospectus Department, 299 Park Avenue, New York, N.Y. 10171. About Sun Healthcare Group, Inc. Sun Healthcare Group, Inc., with executive offices located in Irvine, California, owns SunBridge Healthcare Corporation and other affiliated companies that operate long term and postacute care facilities in many states. In addition, the Sun Healthcare Group family of companies provides therapy through SunDance Rehabilitation Corporation, medical staffing through CareerStaff Unlimited, Inc., and home care through SunPlus Home Health Services, Inc. # # #
Statements made in this release that are not historical facts, including our estimates regarding financial performance in 2005, are "forward-looking" statements (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties and are subject to change at any time. These forward-looking statements may include, but are not limited to, statements containing words such as "anticipate," "believe," "plan," "estimate," "expect," "hope," "intend," "may" and similar expressions. Factors that could cause actual results to differ are identified in the public filings made by the company with the Securities and Exchange Commission and include changes in Medicare and Medicaid reimbursements; potential liability for losses not covered by, or in excess of, our insurance; the effects of government regulations and investigations; our ability to generate cash flow sufficient to operate our business; our ability to integrate the operations of Peak Medical Corporation; increasing labor costs and the shortage of qualified healthcare personnel; and our ability to receive increases in reimbursement rates from government payors to cover increased costs. More information on factors that could affect our business and financial results are included in our public filings made with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, copies of which are available on Sun’s web site, www.sunh.com. The forward-looking statements involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control. We caution investors that any forward-looking statements made by us are not guarantees of future performance. We disclaim any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments. Any documents filed by Sun with the SEC may be obtained free of charge at the SEC’s web site at www.sec.gov. In addition, investors and stockholders of Sun may obtain free copies of the documents filed with the SEC by contacting Sun’s investor relations department at (505) 468-2341 (TDD users, please call (505) 468-4458) or by sending a written request to Investor Relations, Sun Healthcare Group, Inc., 101 Sun Avenue N.E., Albuquerque, N.M. 87109. You may also read and copy any reports, statements and other information filed by Sun with the SEC at the SEC public reference room at Room 1580, 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at (800) SEC-0330 or visit the SEC’s web site for further information on its public reference room.
To view press releases for Sun Healthcare Group, Inc., choose from the list below. Please note, these releases are provided for historical overview only. Year 2005 Releases New COO Appointed Sun Prices Public Offering of Common Stock Completion of Peak Medical Acquisition Proposed Public Offering of Common Stock Peak Medical Approval and Execution of New Financing; New 2005 Guidance Delay in Closing of Peak Medical Acquisition Sun Presents at Credit Suisse First Boston Conference Sun Presents at CIBC World Markets’ Conference Third Quarter Results Third Quarter Results Conference Call Sun Facilities Receive AHCA Quality Awards Sun Schedules Special Stockholders’ Meeting Sun Announces Settlement with State of California Sun Subsidiary Acquires ProCare One Nurses, LLC Sun Presents at Roth Conference Second Quarter Results Second Quarter Results Conference Call Sun Adds New Director to Its Board Sun to Acquire Peak Medical Corporation First Quarter Results First Quarter Results Conference Call Sun Subsidiary Acquires Operations of Two Healthcare Staffing Companies Sun Announces Extension of Revolving Credit Agreement Fourth Quarter and Year End Results Sun Schedules Earnings Call; Presents at Roth Conference Sun Names New CFO Year 2004 Releases Sun Announces Change in CFO Change in Application of FIN 46 Third Quarter Results Third Quarter Results Conference Call Sun Presents at Roth Conference Second Quarter Results Second Quarter Results Conference Call Sun Adds Three Directors First Quarter Results First Quarter Results Conference Call JCAHO Appoints Ousley to Represent Long-term Care Fourth Quarter Results, Removal of Going Concern Qualification and Listing of Stock on NASDAQ Fourth Quarter and Year End Results Conference Call Sun Lists Common Stock on NASDAQ Sun and Omega Healthcare Finalize and Close Lease Restructuring Sun Completes $56.2 Million Equity Financing Sun Presents at Roth Conference Sun Obtains Commitments Sun to Retain SunDance Rehabilitation Business Sun and Omega Healthcare Announce Agreement in Principle Year 2003 Releases AEGIS Therapies to Acquire SunDance Rehabilitation Business Third Quarter Results and Conference Call Sun Announces New Financing Second Quarter Results and Conference Call Omnicare Completes SunScript Acquisition Omnicare to Acquire SunScript Pharmacy Scheduled Foreclosure Sale Cancelled Term Loan Acceleration and Scheduled Foreclosure Sale First Quarter Results and Conference Call Settlement of Landlord-Asserted Defaults Fourth Quarter and Year-End Results Fourth Quarter and Year-End Results Conference Call Announces Major Lease Restructuring Initiative Discloses Landlord-Asserted Defaults |
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