New Issue: ExamWorks prices $250 million eight-year notes at par to yield 9%

By Paul A. Harris

Portland, Ore., July 14 - ExamWorks Group, Inc. priced a $250 million issue of eight-year senior notes (B3/CCC+/) at par to yield 9% on Thursday, according to an informed source.

The yield printed at the tight end of the 9% to 9¼% price talk.

Bank of America Merrill Lynch, Barclays Capital Inc., SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC, Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. are the joint bookrunners.

Proceeds will be used to repay revolver debt and for general corporate purposes, including acquisitions.

ExamWorks is an Atlanta-based provider of independent medical examinations, peer and bill reviews and related services to property and casualty insurance carriers, law firms, third-party claim administrators, government agencies and state funds.

Issuer:	ExamWorks Group, Inc.
Amount:	$250 million
Maturity:	July 15, 2019
Securities:	Senior notes
Bookrunners:	Bank of America Merrill Lynch, Barclays Capital Inc., SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co.
Coupon:	9%
Price:	Par
Yield:	9%
Spread:	658 bps
Call protection:	Make-whole call at Treasuries plus 50 bps until July 15, 2015, then callable at a premium
Equity clawback:	35% at 109.0 until July 15, 2014
Change-of-control put:	101%
Trade date:	July 14
Settlement date:	July 19
Ratings:	Moody's: B3
	Standard & Poor's: CCC+
Distribution:	Rule 144A with registration rights and Regulation S
Price talk:	9% to 9¼%
Marketing:	Roadshow

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