Addus HomeCare (ADUS) Prices 1.5M Share Offering at $108/sh

Addus HomeCare Corporation (Nasdaq: ADUS) (“Addus” or the “Company”), a provider of home care services, today announced the pricing of an underwritten public offering of 1,500,000 shares of common stock (“Common Stock”) at the public offering price of $108.00 per share. Addus has granted the underwriters a 30-day option to purchase up to 225,000 additional shares of Common Stock on the same terms and conditions. The gross proceeds to the Company from the offering, before deducting underwriting discounts and commissions and estimated offering expenses, are expected to be $162 million, excluding any proceeds from the exercise of the underwriters’ option to purchase additional shares from the Company. Addus intends to use approximately $81.4 million of the net proceeds it receives from this offering for the repayment of all indebtedness outstanding under its credit facility and the remainder for general corporate purposes, including the Company’s previously announced acquisition of the personal care assets of Gentiva and any future acquisitions or investments. There were no selling stockholders in the offering.

BofA Securities and Jefferies are acting as joint book-running managers for the offering and Oppenheimer & Co., Raymond James, RBC Capital Markets and Stephens Inc. are acting as co-managers. The offering is expected to close on or about June 28, 2024, subject to customary closing conditions.

An automatic shelf registration statement (including a prospectus) relating to the offering of Common Stock was filed with the U.S. Securities and Exchange Commission (the “SEC”) on September 2, 2022, and became effective upon filing. This offering is being made only by means of a prospectus supplement and the accompanying prospectus that forms a part of the effective shelf registration statement. A preliminary prospectus supplement relating to, and describing the terms of, the offering was filed with the SEC on June 26, 2024 and is available on the SEC’s website at www.sec.gov. The final prospectus supplement and the accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. When available, copies of the final prospectus supplement and the accompanying prospectus may also be obtained by request from BofA Securities NC1-022-02-25, Attn: Prospectus Department, 201 North Tryon Street, Charlotte, NC 28255, or by emailing [email protected], or Jefferies LLC, Attn: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, or by telephone at (877) 821-7388, or by emailing [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, 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 the registration or qualification under the securities laws of such state or jurisdiction.

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