Published on 7/14/2011 in the Prospect News High Yield Daily.
New Issue: ExamWorks prices $250 million eight-year notes at par to yield 9%
By Paul A. Harris
Portland, Ore., July 14 - ExamWorks Group, Inc. priced a $250 million issue of eight-year senior notes (B3/CCC+/) at par to yield 9% on Thursday, according to an informed source.
The yield printed at the tight end of the 9% to 9¼% price talk.
Bank of America Merrill Lynch, Barclays Capital Inc., SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC, Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. are the joint bookrunners.
Proceeds will be used to repay revolver debt and for general corporate purposes, including acquisitions.
ExamWorks is an Atlanta-based provider of independent medical examinations, peer and bill reviews and related services to property and casualty insurance carriers, law firms, third-party claim administrators, government agencies and state funds.
Issuer: | ExamWorks Group, Inc.
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Amount: | $250 million
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Maturity: | July 15, 2019
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Securities: | Senior notes
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Bookrunners: | Bank of America Merrill Lynch, Barclays Capital Inc., SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co.
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Coupon: | 9%
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Price: | Par
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Yield: | 9%
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Spread: | 658 bps
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Call protection: | Make-whole call at Treasuries plus 50 bps until July 15, 2015, then callable at a premium
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Equity clawback: | 35% at 109.0 until July 15, 2014
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Change-of-control put: | 101%
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Trade date: | July 14
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Settlement date: | July 19
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Ratings: | Moody's: B3
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| Standard & Poor's: CCC+
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Distribution: | Rule 144A with registration rights and Regulation S
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Price talk: | 9% to 9¼%
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Marketing: | Roadshow
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