Convey Health Solutions Announces Pricing of Initial Public Offering

Rhea-AI Summary

Convey Holding Parent, Inc. has announced the pricing of its initial public offering (IPO) of 13,333,334 shares at $14.00 each, with the offering expected to close on June 18, 2021. The IPO includes 11,666,667 shares from the company and 1,666,667 from a selling stockholder. The underwriters hold a 30-day option for 2,000,000 additional shares. The company's stock will begin trading on the NYSE under the ticker symbol 'CNVY' on June 16, 2021. Proceeds will be used to repay existing debt and for general corporate purposes.

Positive

• Initial public offering priced at $14.00 per share, potentially raising significant capital.
• Company plans to use proceeds for debt repayment and enhancing corporate operations.

Negative

• Offering by a selling stockholder may cause potential dilution for existing shareholders.

FORT LAUDERDALE, Fla., June 15, 2021 /PRNewswire/ -- Convey Holding Parent, Inc. ("Convey Health" or the "Company"), a leading healthcare technology and services company, today announced the pricing of its initial public offering of 13,333,334 shares of its common stock at a public offering price of $14.00 per share, with 11,666,667 shares offered by the Company and 1,666,667 shares offered by a selling stockholder. The underwriters have a 30-day option to purchase up to an additional 2,000,000 shares of common stock from the selling stockholder at the initial public offering price, less underwriting discounts and commissions.

Convey Health's common stock is expected to begin trading on the New York Stock Exchange on June 16, 2021, under the ticker symbol "CNVY." The offering is expected to close on June 18, 2021, subject to customary closing conditions.

The Company intends to use the net proceeds that it receives from the offering to repay amounts outstanding under its existing indebtedness and for general corporate purposes. The Company will not receive any proceeds from the sale of shares of common stock by the selling stockholder.

BofA Securities, Goldman Sachs & Co. LLC and J.P. Morgan are acting as lead book-runners and representatives of the underwriters for the offering, with Barclays acting as a joint book-runner. TPG Capital BD, LLC and Truist Securities are also acting as joint book-runners for the offering, and Canaccord Genuity is acting as joint lead manager. AmeriVet Securities and Siebert Williams Shank are acting as co-managers for the offering.

The offering will be made only by means of a prospectus. Once available, a copy of the final prospectus related to the offering may be obtained from: BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, North Carolina 28255-0001, by telephone: 1-800-292-1322 or by email: dg.prospectus_requests@bofa.com; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, by telephone: 1-866-471-2526, by facsimile: 212-902-9316 or by email: prospectus-ny@ny.email.gs.com; or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by telephone: 1-212-834-4533 or by email: prospectus-eq_fi@jpmchase.com.

A registration statement on Form S-1 relating to the sale of these securities was declared effective by the Securities and Exchange Commission on June 15, 2021.

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

About Convey Health

Convey Health is a specialized healthcare technology and services company that is committed to providing clients with healthcare-specific, compliant member support solutions utilizing technology, engagement, and analytics. Convey Health's administrative solutions for government-sponsored health plans help to optimize member interactions, ensure compliance, and support end-to-end Medicare processes. By combining its purpose-built technology platforms with dedicated and flexible business process solutions, Convey Health creates better business results and better healthcare consumer experiences on behalf of business customers and partners. Convey Health's clients include some of the nation's leading health insurance plans and pharmacy benefit management firms. Convey Health's healthcare-focused teams help millions of Americans navigate the complex Medicare Advantage and Part D landscape.

Media Contact
Tom Pelegrin
Senior Vice President & Chief Revenue Officer
investorrelations@conveyhs.com

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SOURCE Convey Health Solutions

FAQ

What is the IPO price for Convey Health (CNVY)?

The IPO price for Convey Health is set at $14.00 per share.

When will Convey Health begin trading on the NYSE?

Convey Health's stock is expected to begin trading on the NYSE on June 16, 2021.

What will the proceeds from Convey Health's IPO be used for?

Proceeds will be used to repay existing debt and for general corporate purposes.

How many shares are being offered in Convey Health's IPO?

A total of 13,333,334 shares are being offered in Convey Health's IPO.

What is the ticker symbol for Convey Health?

The ticker symbol for Convey Health is 'CNVY'.