By Paul A. Harris
Portland, Ore., April 9 – ExamWorks Group, Inc. priced a $500 million issue of eight-year senior notes (B3/B-) at par to yield 5 5/8% on Thursday, according to a syndicate source.
The yield printed at the tight end of yield talk in the 5¾% area.
BofA Merrill Lynch was the left bookrunner. SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC, Barclays, Deutsche Bank Securities Inc., Fifth Third Securities and Goldman Sachs & Co. were the joint bookrunners.
The Atlanta-based company plans to use the proceeds to redeem all $250 million of its 9% senior notes due 2019, as well as to repay its existing credit facility in full, and for general corporate purposes, including acquisitions.
ExamWorks provides independent medical examinations, peer reviews, bill reviews, Medicare compliance, case management, and related services.
| Issuer: | ExamWorks Group, Inc.
|
| Amount: | $500 million
|
| Maturity: | April 15, 2023
|
| Securities: | Senior notes
|
| Left bookrunner: | BofA Merrill Lynch
|
| Joint bookrunners: | SunTrust Robinson Humphrey Inc., Wells Fargo Securities, Barclays, Deutsche Bank Securities Inc., Fifth Third Securities, Goldman Sachs & Co.
|
| Coupon: | 5 5/8%
|
| Price: | Par
|
| Yield: | 5 5/8%
|
| Spread: | 383 bps
|
| Call protection: | Three years
|
| Trade date: | April 9
|
| Settlement date: | April 16
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Distribution: | SEC registered
|
| Price talk: | 5¾% area
|
| Marketing: | Roadshow
|
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