Simpson Thacher advised Change Healthcare Inc. in connection with its initial public offering of common stock and its concurrent public offering of 6% tangible equity units, which together raised total gross proceeds of approximately $928 million. A total of 49,285,713 shares were sold in the common stock offering at a price to the public of $13 per share and a total of 5,750,000 units were sold in the tangible equity units offering (in each case, including pursuant to the underwriters’ full exercise of their options to purchase additional shares of common stock and tangible equity units). The common stock and tangible equity units began trading on the Nasdaq Global Select Market under the ticker symbols “CHNG” and “CHNGU”, respectively, on June 27, 2019.
Change Healthcare is a leading independent healthcare technology company that provides data and analytics-driven solutions to improve clinical, financial and patient engagement outcomes in the U.S. healthcare system.
The Simpson Thacher team included Joshua Ford Bonnie, William Golden, Katharine Thompson, Patrick McCamy and Evan Hunt (Capital Markets—DC); Lia Toback and Jonathan Pacheco (Capital Markets—Tangible Equity Units); Richard Capelouto, William Brentani, Atif Azher and Mark Myott (Capital Markets—Palo Alto); James Rapp and Charles Mathes (Public Company Advisory Practice); Gregory Grogan, Caitlin Lucey and Kerri Thompson (Executive Compensation and Employee Benefits); Andrew Purcell and Kelli Rivers (Tax); Marcela Robledo and Alysha Sekhon (Intellectual Property), Rajib Chanda and Nicholas Ridley (Registered Funds) and Jennie Getsin (FINRA). Associates Ashley Yoon and Claire DiMario and Summer Associate Blake Delaplane also provided valuable assistance.