Team Health sets roadshow for $545 million eight-year notes offering

By Paul A. Harris

Portland, Ore., Nov. 9 – Team Health, Inc. started a roadshow on Monday in New York and New Jersey for a $545 million offering of eight-year senior notes, according to a syndicate source.

An investor conference call was scheduled to get underway at noon ET on Monday.

The roadshow travels to Boston on Tuesday, to Los Angeles on Wednesday and to San Francisco on Thursday, and the Rule 144A and Regulation S for life notes offering is expected to price thereafter.

Citigroup Global Markets Inc. is the left bookrunner. BofA Merrill Lynch, J.P. Morgan Securities LLC, Barclays, Goldman Sachs & Co. and RBS Securities Inc. are the joint bookrunners.

Fifth Third Bank, Regions Securities LLC, BBVA, BMO Securities; Mizuho Securities; MUFG and KeyBanc Capital Markets are the co-managers.

The notes feature a make-whole call at Treasuries plus 50 basis points for the first three years, then become callable at a premium. The notes also feature a 40% equity clawback during the non-call period and a 101% poison put.

The notes feature the usual and customary incurrence-based high-yield covenants.

The Knoxville, Tenn.-based provider of outsourced physician staffing solutions for hospitals plans to use the proceeds to fund the acquisition of IPC Healthcare.

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