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Last Friday, Irvine-based Sun Health care Group Inc. stated that it listed a new public stock options which might net at about $195 million to $225 million.

The nursing homes, assisted living facilities and rehabilitation center operator stated that it listed 26.7 million shares at $7.75 per unit. Underwriters have got a 30-day option in order to acquire as much as four million more stock shares.

Sun’s stock shares last Friday, having a current market value of about $500 million, were trading for about $8  . Profits coming from this offering could be utilized in order to pay off Sun’s debt because of a move heading up to its projected break up towards two publicly traded companies.

The break up will be made in order to establish two companies: an operator of health care real estate — Sabra Health Care REIT Inc.; as well as a nursing home company, which is going to keep the Sun name.

The break up is supposed to be accomplished on the 4th quarter. The splitting of the company in to two is a move to establish value for its real estate on Wall Street .

Wednesday is the expected deadline for the stock offering to close, stated by Sun Health care Group Inc. It initially had stated that it  intended to offer about 20 million stock shares and generate about $160 million through its offering.

(Based on a news story at Orange County Business Journal.)