Team Health Holdings, a Knoxville, Tenn.-based provider of outsourced healthcare staffing services to hospitals, will make an initial public offering of 20 million shares of common stock at a price of $14 to $16 per share, according to documents filed with the Securities and Exchange Commission.
Team Health plans IPO
The offering aims to raise between $280 million and $320 million in cash, which the company said will be primarily used to pay off debt. Under the IPO plan, the Blackstone Group would reduce its majority ownership in Team Health to between 54% and 58% from 92%, depending on whether additionally optioned shares are also sold during the offering.
Team Health currently provides outsourced staffing to 550 hospitals and their affiliated clinics in 46 states, according to information provided in the IPO prospectus. The company contracts with approximately 6,100 physicians, nurse practitioners and other healthcare professionals.
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