Emergency Medical Services Corp. (EMS) said on Thursday that certain of its equity holders, primarily affiliates of Onex Corp., have priced a public secondary offering of 8 million shares, increased from 6 million, of class A common stock at $48.31 per share. The underwriters will have a 30-day option to purchase up to an additional 1.2 million shares of class A common stock. The offering is expected to close on November 25.
Emergency Medical would not receive any proceeds from the offering. The shares are being offered primarily by affiliates of Onex Corp. The Onex Entities' shares represent about 35% of equity interests in Emergency Medical.
After giving effect to this offering, the Onex Entities would own about 35% of the equity interests in Emergency Medical and about 84% of the combined voting power, not including the impact of any exercise by the underwriters of the 30-day option to purchase additional shares of class A common stock. BofA Merrill Lynch, Goldman, Sachs & Co. and J.P. Morgan Securities Inc. are acting as joint bookrunners for the offering.
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