WebMD to assume HLTH's convertibles as a result of merger agreement

By Jennifer Chiou

New York, June 18 - HLTH Corp. and its publicly traded subsidiary, WebMD Health Corp., announced that with their definitive merger agreement, WebMD will assume the obligations of HLTH's $250 million of 3.5% convertible notes and $265 million of 1.75% convertible subordinated notes.

The notes will become convertible into WebMD stock.

Based on the exchange ratio for the merger, the 3.5% notes would have a conversion price of $35.03 per WebMD share, and the 1.75% notes would have a conversion price of $34.63 per share of WebMD common stock.

Under the merger, HLTH will merge into WebMD, with WebMD the surviving company. Martin J. Wygod will be chairman of the board, and Wayne Gattinella will be president and chief executive officer of the combined company.

HLTH, formerly Emdeon Corp., is a health-care business, technology and information services company based in Elmwood Park, N.J.

New York-based WebMD provides health information services through its online portals and publications.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.