Radiation oncology firm 21st Century Oncology Holdings (formerly Radiation Therapy Services) has begun an initial public offering (IPO).
According to a filing with the U.S. Securities and Exchange Commission, the company plans to sell 13,333,333 shares of its common stock and also intends to grant the underwriters a 30-day option to purchase up to an additional 2 million shares of common stock. 21st Century Oncology estimates the price range for the IPO will be $14 to $16 per share of common stock.
In addition, 21st Century Oncology is offering 1.5 million shares of its Series A mandatory convertible junior nonvoting preferred stock in a concurrent public offering at the price of $50 per share. Underwriters are also expected to be given a 30-day option to purchase up to an additional 225,000 shares of Series A preferred stock.
The company has applied to the New York Stock Exchange to list its common stock under the symbol "ICC" and to list its Series A preferred stock under the symbol "ICC PR."
21st Century Oncology said it would use the proceeds to repay outstanding debt, to pay related fees and expenses, and for general corporate purposes.
The joint book-running managers for the offerings are Morgan Stanley, J.P. Morgan Securities, and Wells Fargo Securities. KeyBanc Capital Markets, SunTrust Robinson Humphrey, Avondale Partners, and Piper Jaffray are serving as co-managers.
