ExamWorks LBO funding to include $340 million of eight-year notes, expected June business

By Paul A. Harris

Portland, Ore., June 15 – ExamWorks Group Inc.’s leveraged buyout will include $340 million of eight-year notes as part of the debt funding for the transaction, according to a market source who added that the bond offering is expected to come to market in June.

Leonard Green & Partners LP is acquiring the Atlanta-based testing and certification compliance company for $35.05 per share in cash, for a total transaction value of about $2.2 billion.

The debt financing also includes a $920 million credit facility with a $770 million term loan. Commitments for the loan are due on Thursday.

Bank of America Merrill Lynch, Barclays, Deutsche Bank Securities Inc. and SunTrust Robinson Humphrey Inc. are leading both the bond and bank deals, the source said, adding that the left bookrunner for the bonds has not yet stepped forward.

Other funds for the transaction will come from equity and cash on hand.

The LBO is expected to close in the third quarter, subject to stockholder approval, the receipt of regulatory approvals and other customary conditions.

ExamWorks provides independent medical examinations, peer reviews, bill reviews, Medicare compliance services, case management services, record retrieval services, document management services and other related services.

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