New Issue: Wolverine Healthcare prices $327.15 million 10 5/8% eight-year notes to yield 10¾%

By Paul A. Harris

Portland, Ore., May 24 - Wolverine Healthcare Analytics, Inc. priced a $327.15 million issue of 10 5/8% eight-year senior notes (Caa1/CCC+/) at 99.345 to yield 10¾% on Thursday, according to a market source.

The yield printed on top of the yield talk.

J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Morgan Stanley & Co. LLC and UBS Investment Bank were the joint bookrunners.

Proceeds will be used to help fund the buyout of Thomson Reuters (Healthcare) Inc. by Veritas Capital.

Wolverine Healthcare Analytics, which will be merged with and into Thomson Reuters (Healthcare), is a provider of data, analytics and performance benchmarking services to hospitals, health systems, employers, health plans, government agencies and health care professionals.

Issuer:	Wolverine Healthcare Analytics, Inc., to be merged with and into Thomson Reuters (Healthcare) Inc.
Face amount:	$327.15 million
Proceeds:	$325,007,000
Maturity:	June 1, 2020
Bookrunners:	J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Morgan Stanley & Co. LLC, UBS Investment Bank
Coupon:	10 5/8%
Price:	99.345
Yield:	10¾%
Spread:	938 bps
Call features:	Make-whole call at Treasuries plus 50 bps until June 1, 2016, then callable at 105.313, 102.656, par on and after June 1, 2018
Equity clawback:	35% at 110.625 until June 1, 2015
Change-of-control put:	101%
Trade date:	May 24
Settlement date:	June 6
Ratings:	Moody's: Caa1
	Standard & Poor's: CCC+
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	10¾% area
Marketing:	Roadshow

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