By Rebecca Melvin
Princeton, N.J., Aug. 25 - Emdeon Corp. priced $300 million of 20-year convertibles at par to yield 3.125% with an initial conversion premium of 35%. The deal was reoffered at 97.
The reoffered price was below initial guidance of 97.75 to 98.25.
Bookrunner for the Rule 144A overnight deal was Citigroup.
The senior unsecured notes include a $45 million over-allotment option.
The issue is non-callable for five years with puts in years seven, 10 and 15.
Emdeon, formerly WebMD Corp., plans to use proceeds for general corporate purposes.
Based in Elmwood Park, N.J., the health care information and business solutions provider was renamed Emdeon on Aug. 4 to avoid confusion with subsidiary WebMD Health.
| Issuer: | Emdeon Corp.
|
| Issue: | Senior unsecured notes
|
| Bookrunner: | Citigroup
|
| Amount: | $300 million
|
| Greenshoe: | $45 million
|
| Maturity: | Sept. 1, 2025
|
| Coupon: | 3.125%
|
| Price: | Par
|
| Reoffered price: | 97
|
| Yield: | 3.125%
|
| Conversion premium: | 35%
|
| Conversion price: | $15.57
|
| Conversion ratio: | 64.2446
|
| Call: | Non-callable for 5 years
|
| Put: | In years 7, 10 and 15
|
| Pricing date: | Aug. 25, before the open
|
| Settlement date: | Aug. 30
|
| Price talk: | Overnight deal, no price talk
|
| Distribution: | Rule 144A
|
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