Change Healthcare Inc. Closes Initial Public Offering & Concurrent Offering of Tangible Equity Units & Full Exercise of Under...
July 01 2019 - 5:00PM
Business Wire
Change Healthcare Inc. (“Change” or “the Company”), a leading
independent healthcare technology platform, announced today the
closing of its initial public offering of 49,285,713 shares of its
common stock at a price to the public of $13.00 per share,
including the full exercise by the underwriters of their option to
purchase up to an additional 6,428,571 shares of common stock. The
Company also announced the closing of its concurrent offering of
5,750,000 of its 6.00% tangible equity units (“Units”), with a
stated amount of $50, including the full exercise by the
underwriters of their option to purchase up to an additional
750,000 Units. Change received net proceeds of $609 million from
the common stock offering and $279 million from the Units offering,
in each case after deducting underwriting discounts and
commissions.
Change intends to use the net proceeds from both the common
stock offering and the Units offering to repay a portion of the
outstanding indebtedness under its senior secured term loan
facility. Change’s common stock and Units are each listed on the
Nasdaq Global Select Market under the symbols “CHNG” and “CHNGU,"
respectively.
Barclays, Goldman Sachs & Co. LLC and J.P. Morgan served as
active book-running managers for the offerings. BofA Merrill Lynch,
Citigroup, Credit Suisse, Deutsche Bank Securities, Morgan Stanley
and RBC Capital Markets also acted as joint bookrunners for the
offerings. Blackstone Capital Markets, Baird, Cantor, Cowen, First
Liberties Financial, Guggenheim Securities, Piper Jaffray, SunTrust
Robinson Humphrey, SVB Leerink, Wells Fargo Securities, William
Blair, Drexel Hamilton and Siebert Cisneros Shank & Co., LLC
acted as co-managers for the offerings.
A registration statement, including separate prospectuses,
relating to these securities, was declared effective by the
Securities and Exchange Commission on June 27, 2019. Each offering
was made only by means of a prospectus relating to such offering,
copies of which may be obtained from: Barclays Capital Inc., c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717, telephone: 888-603-5847, email:
Barclaysprospectus@broadridge.com; Goldman Sachs & Co. LLC,
Attention: Prospectus Department, 200 West Street, New York, NY
10282, telephone: 1-866-471-2526, email:
prospectus-ny@ny-email.gs.com; or J.P. Morgan Securities LLC,
Attention: Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, telephone: 1-866-803-9204, email:
prospectus-eq_fi@jpmchase.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, 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 registration or
qualification under the securities laws of any such state or
jurisdiction.
About Change Healthcare Inc.
Change Healthcare is a leading independent healthcare technology
company that provides data and analytics-driven solutions to
improve clinical, financial and patient engagement outcomes in the
U.S. healthcare system. We are a key catalyst of a value-based
healthcare system, accelerating the journey toward improved lives
and healthier communities.
Forward-Looking Statements
This press release contains forward-looking statements.
Forward-looking statements include all statements that are not
historical facts. In some cases, you can identify these
forward-looking statements by the use of words such as “outlook,”
“believes,” “expects,” “potential,” “continues,” “may,” “will,”
“should,” “could,” “seeks,” “predicts,” “intends,” “trends,”
“plans,” “estimates,” “anticipates” or the negative version of
these words or other comparable words. These forward-looking
statements include any statements regarding the use of proceeds
from the offerings. Such forward-looking statements are subject to
various risks and uncertainties. Accordingly, there are or will be
important factors that could cause actual outcomes or results to
differ materially from those indicated in these statements. These
factors include but are not limited to those described under “Risk
Factors” in Change’s registration statement relating to the
offerings. These factors should not be construed as exhaustive and
should be read in conjunction with the other cautionary statements
that are included in the registration statement. We undertake no
obligation to publicly update or review any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as required by law.
Source: Change Healthcare Inc.
CHNG-IR
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version on businesswire.com: https://www.businesswire.com/news/home/20190701005860/en/
Evan Smith Investor Relations 404-338-2225
Evan.Smith@changehealthcare.com
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