Team Health plans additional $20.6 million redemption of 11¼% notes

By Devika Patel

Knoxville, Tenn., Feb. 9 - Team Health Holdings Inc. reported that it will redeem an additional $20.6 million of its 11¼% senior subordinated notes due 2013, bringing the total amount redeemed to $157.5 million.

Team Health completed the initial $136.9 million redemption on Jan. 25 using approximately $168.5 million from its initial public offering of 13.3 million shares. It will complete the additional redemption on Feb. 12 with funds from the offering's over-allotment option proceeds.

The redemption price is 107 plus accrued interest.

The Bank of New York Mellon Trust Co., NA is the trustee.

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

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