AmSurg greenshoe exercise ups convertible sale to $172.5 million

By Tali Rackner

Norfolk, Va., July 2 – Underwriters for AmSurg Corp.’s 5.25% mandatory convertible preferred stock, series A-1 exercised their over-allotment option in full, adding an additional $22.5 million, according to a press release.

The company priced $150 million of the convertibles on June 26.

As previously reported, Citigroup Global Markets Inc., SunTrust Robinson Humphrey Inc., Barclays, Deutsche Bank Securities Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC and Raymond James are the joint bookrunning managers.

The co-managers are BMO Capital Markets, Piper Jaffray & Co. and Cantor Fitzgerald & Co.

The registered mandatory deal priced concurrently with a public offering of $382.5 million of common stock. The offerings are not contingent on each other or on the consummation of AmSurg’s acquisition of Sheridan Healthcare Inc.

Together with common stock to be issued in the Sheridan transaction, additional debt financing and cash on hand, the proceeds from the stock and convertible offerings will be used to finance the Sheridan transaction, to repay borrowings under AmSurg’s existing credit facility and to repay the outstanding balance of its senior secured notes due 2020.

Nashville, Tenn.-based AmSurg acquires, develops and operates ambulatory surgery centers.

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