Physician Computer Network announced earlier this month that it had filed with the Securities and Exchange Commission for a public offering of 7 million shares of common stock.
Of the total, 5.1 million shares are being offered by PCN, a Morris Plains, N.J.-based vendor of medical practice management software products. The remaining 1.9 million are being offered by Equifax, an Atlanta-based information processing company.
PCN said the shares offered by Equifax represent what it's entitled to receive upon conversion of a five-year, $10 million convertible subordinated promissory note issued to Equifax in February 1995.
Net proceeds will finance acquisitions and general corporate purposes, the company said. A portion of the proceeds also may be used at any time before April 1, 1997, to exercise a right to repurchase 2.3 million shares of common stock held by IBM Credit Corp. for $4.75 a share.
PCN's shares were trading near $10 last week on the NASDAQ exchange.