N@N

HealthSpring, Inc. Announces Closing of Public Offering of Common Stock

^{Published on 2011-03-29 14:05:22 - Market Wire}
 

NASHVILLE, Tenn.--([ BUSINESS WIRE ])--HealthSpring, Inc. (NYSE:HS) announced today that it has closed its underwritten public offering of 8,625,000shares of its common stock, including 1,125,000 shares issued and sold upon the exercise of the underwritersa™ option to purchase additional shares. The shares were resold by the underwriters at a price of $35.95 per share.

The net proceeds from the offering, after estimated offering expenses and underwriting discounts, are anticipated to be approximately $301 million, including proceeds from the exercise of the underwritersa™ option. 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.

The offering was made pursuant to an effective registration statement and related prospectus filed with the Securities and Exchange Commission. 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.