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HealthSpring, Inc. Announces Public Offering of Common Stock

^{Published on 2011-03-24 13:30:34 - Market Wire}
 

NASHVILLE, Tenn.--([ BUSINESS WIRE ])--HealthSpring, Inc. (NYSE:HS) announced today that it has agreed to sell 7,500,000shares of its common stock in an underwritten public offering. 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 last reported sale price of its common stock on March 24, 2011, was $37.97 per share. The offering is expected to close on or about March 29, 2011, subject to customary closing conditions.

HealthSpring expects to use at least 50% of the net proceeds from the offering for the repayment of indebtedness and the balance of net proceeds for general corporate purposes, which may include acquisitions of similar or complementary businesses.

Goldman, Sachs & Co. is acting as the sole bookrunning manager for the offering.

The offering is being made pursuant to an effective registration statement filed with the Securities and Exchange Commission. The offering of these securities may be made only by means of a prospectus that will be filed with the Securities and Exchange Commission prior to closing. You may get these documents from Goldman, Sachs & Co., Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316, or by emailing [ prospectus-ny@ny.email.gs.com ], or, alternatively, when they become available, for free by visiting EDGAR on the SEC website at [ www.sec.gov ].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

About HealthSpring

HealthSpring is based in Nashville, Tennessee, and is one of the countrya™s largest Medicare Advantage coordinated care plans. HealthSpring currently owns and operates Medicare Advantage plans in Alabama, Delaware, Florida, Georgia, Illinois, Maryland, Mississippi, New Jersey, Pennsylvania, Tennessee, Texas, and Washington D.C. and also offers a national stand-alone Medicare prescription drug plan.

Cautionary Statement Regarding Forward Looking Statements

Statements contained in this release that are not historical fact are forward-looking statements, which the Company intends to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements that are predictive in nature, that depend on or relate to future events or conditions, or that include words such as "anticipates," "believes," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "projects," "should," "will," "would," and similar expressions are forward-looking statements. The Company cautions that forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause its actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Any forward-looking information in this release or made orally and related thereto are based on managementa™s beliefs and assumptions and on information available to HealthSpring at the time the statements were or are made, which is subject to change. Although any forward-looking information and the factors influencing them will likely change, HealthSpring will not necessarily update the information except as required by law. Information contained herein speaks only as of the date of this release.