NASHVILLE, Tenn., Aug. 11 Emdeon Inc. (the "Company") today announced the pricing of its initial public offering of 23,700,000 shares of its Class A common stock at a price of $15.50 per share. Of the shares being offered, 10,725,000 were offered by the Company and 12,975,000 were offered by selling stockholders. The shares will be listed on the New York Stock Exchange under the ticker symbol "EM." To the extent that the underwriters sell more than 23,700,000 shares of Class A common stock, the underwriters have the option to purchase up to an additional 3,555,000 shares of Class A common stock from the selling stockholders at the initial public offering price less the underwriting discount. The offering is expected to close on or about August 17, 2009.
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The Company intends to use approximately $5.8 million of the net proceeds from the offering received by it to repurchase ownership interests in its operating subsidiary held by certain members of management with the remainder used for general corporate purposes, which may include the repayment of indebtedness and future acquisitions. The Company will not receive any of the proceeds from the offering of the Class A common stock by the selling stockholders.
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Morgan Stanley, Goldman, Sachs & Co., UBS Investment Bank and Barclays Capital will act as book-running managers of the offering.
The registration statement relating to the initial public offering of shares of Class A common stock of the Company has been declared effective by the U.S. Securities and Exchange Commission. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described above, nor shall there be any sale of such shares of Class A common stock 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. The offering of these securities will be made only by means of a prospectus, copies of which may be obtained from Morgan Stanley & Co. Incorporated, Attention: Prospectus Department, 180 Varick Street, New York, New York 10014 (email address: [email protected]); or Goldman, Sachs & Co., Attention: Prospectus Department, 85 Broad Street, New York, New York 10004 (email address: [email protected]) or by calling (212) 902-1171 or calling toll-free (866) 471-2526; or UBS Investment Bank, Attention: Prospectus Department, 299 Park Avenue, New York, New York 10171 or by calling toll-free (888) 827-7275; or Barclays Capital Inc., c/o Broadridge, Integrated Distribution Services, 1155 Long Island Avenue, Edgewood, New York, 11717 (email address: [email protected]), or by calling toll-free (888) 603-5847.
About Emdeon
Emdeon Inc. is a leading provider of revenue and payment cycle management solutions, connecting payers, providers and patients in the U.S. healthcare system. The Company's product and service offerings integrate and automate key business and administrative functions of its payer and provider customers throughout the patient encounter, including precare patient eligibility and benefits verification, claims management and adjudication, payment distribution, payment posting and denial management and patient billing and payment collection. Through the use of the Company's comprehensive suite of products and services, which are designed to easily integrate with existing technology infrastructures, its customers are able to improve efficiency, reduce costs, increase cash flow and more efficiently manage the complex revenue and payment cycle process.
This press release contains forward-looking statements. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to the Company's operations and business environment, all of which are difficult to predict and many of which are beyond the Company's control. Forward-looking statements include information concerning the Company's possible or assumed future results of operations, including descriptions of the Company's business strategy. These statements often include words such as "may," "will," "should," "believe," "expect," "anticipate," "intend," "plan," "estimate" or similar expressions. These statements are based on assumptions that the Company has made in light of its experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Although the Company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect the Company's actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors are discussed in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections and elsewhere in the Company's registration statement.
You should keep in mind that any forward-looking statement made by the Company herein, or elsewhere, speaks only as of the date on which made. New risks and uncertainties come up from time to time, and it is impossible for the Company to predict these events or how they may affect it. The Company has no obligation to update any forward-looking statements after the date hereof, except as required by federal securities laws.
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