Team Health aims to redeem $136.9 million 11¼% notes with IPO proceeds

By Jennifer Chiou

New York, Dec. 16 - Team Health Holdings Inc. intends to use some of the proceeds from a planned 13.3 million-share initial public offering to repay $136.9 million of its 11¼% senior subordinated notes due 2013 according to a 424B2 filing with the Securities and Exchange Commission.

The company currently has $203 million of the securities outstanding.

Before expenses, the company expects to raise about $150 million. Underwriters will also have a greenshoe for 1,995,000 additional shares at $12 apiece.

Team Health is a Knoxville, Tenn.-based provider of outsourced medical staffing, management, administrative and other support services.

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