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By Patrick Thomas
Change Healthcare Inc. said Wednesday its pricing its initial public offering of 42.9 million shares at $13 a share, below its previously stated range of $16 to $19 a share.
The Nashville-based company is a healthcare technology company indirectly controlled by McKesson Corp. The company is expected to begin trading on the Nasdaq global select market on Thursday under the symbol CHNG.
After deducting estimated underwriting discounts and commissions, the company said it expects to generate $709 million in proceeds, or $815 million if the underwriters exercise in full their option to buy additional shares of common stock, the company said in a securities filing earlier this month.
The company said it plans to use the proceeds from the offering to repay a portion of its debt under its senior secured term loan facility.
For the year that ended March 31, the company generated a profit of $176.7 million and revenue of $3.28 billion.
Change Healthcare's network, which includes physicians, pharmacies and hospitals, handles clinical-records transactions for more than 112 million patients, the company said.
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(END) Dow Jones Newswires
June 26, 2019 19:56 ET (23:56 GMT)
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