(Bloomberg) -- GE HealthCare Technologies Inc. shares fell as much as 2.5% in Friday trading after Morgan Stanley sold a block of shares for about $1.1 billion, in the middle of a marketed range.

The offering of 13 million shares priced at $82.25 apiece, according to a statement, representing about a 3.9% discount to Thursday’s closing price. Morgan Stanley marketed the shares for $81.50 to $83.00 each, Bloomberg News has reported.

GE HealthCare shares traded at $84.19 each as of 9:50 a.m. in New York, 1.7% lower than Thursday’s close of $85.63 each.

The shares are part of a General Electric Co. debt-for-equity exchange program where Morgan Stanley, as a lender, will receive GE HealthCare stock in exchange, according to a press release Thursday. GE spun off GE HealthCare in January 2023. GE HealthCare will not receive any proceeds from the share sale, the release showed.

Read More: GE Health Spinoff Jumps in Trading Debut as Breakup Advances

Morgan Stanley, Bank of America Corp., Citigroup Inc., Evercore ISI, Goldman Sachs Group Inc. and JPMorgan Chase & Co. are joint bookrunners of the deal, the press release showed. The seller has granted an option for the underwriters to purchase additional shares of GE HealthCare stock at the offering price, less the underwriting discount, for 30 days. 

(Updates throughout with trading. A previous version of this article corrected the month of GE HealthCare’s spinoff in the fourth paragraph.)

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