BUZZ-Medline rises after upsized $2.7 bln selldown by backers

Blackstone Inc.
Medline

Blackstone Inc.

BX

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Medline

MDLN

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** Medical supplier Medline's MDLN.O shares up 1.2% to $37.55 in premarket trading after roughly $2.7 bln secondary offering priced

** MDLN late Thurs announced sale of ~72.55 mln shares by Blackstone BX.N, Hellman & Friedman (H&F) and Abu Dhabi Investment Authority (ADIA) at $37

** MDLN shares closed at $37.70 on Tues, a day before MDLN launched 60 mln share offering

** Private equity backers BX and H&F were looking to offload 27 mln shares each, while ADIA planned to sell ~5.9 mln, per the prospectus

** Northfield, Illinois-based MDLN, which has ~1.3 bln shares outstanding, conducted a secondary offering in Mar, following its public debut in Dec after IPO priced at $29

** Goldman Sachs, Morgan Stanley, BofA and JP Morgan global coordinators and joint bookrunners for latest offering

** 22 of 28 analysts rate the stock "strong buy" or "buy", 6 "hold"; median PT $53, per LSEG data