HealthSpring prices underwritten public offering of common stock

HealthSpring, Inc. (NYSE:HS) announced today that it has priced its underwritten public offering of 7,500,000 shares of its common stock. The shares were resold by the underwriters at a price of $35.95 per share. The Company has also granted the underwriters a 30-day option to purchase up to an additional 1,125,000 shares of common stock. The closing of the sale of the common stock, which is subject to customary closing conditions, is expected to occur on or about March 29, 2011.

The net proceeds from the offering, after estimated offering expenses and underwriting discounts, are anticipated to be approximately $262 million, not including any proceeds from the potential exercise of the underwriters' option to purchase additional shares. HealthSpring expects to use at least 50% of the net proceeds for the repayment of indebtedness and the balance of the net proceeds for general corporate purposes, which may include acquisitions of similar or complementary businesses.

Goldman, Sachs & Co. acted as the sole book-running manager with BofA Merrill Lynch as co-manager for the offering.

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 HealthSpring

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