Emergency Medical prices $386.5 million in stock

AP News
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Posted: Nov 20, 2009 1:31 PM

Ambulance and physician services company Emergency Medical Services Corp. on Friday priced a public offering for about $386.5 million in common stock.

The company will not receive proceeds from the offering, as shares are being offered primarily by affiliates of Onex Corp. Onex entities' shares represent about 35 percent of the Onex interest in Emergency Medical Services.

The holders are selling 8 million shares _ up from 6 million shares _ for $48.31 apiece, which was Thursday's closing price. Underwriters have a 30-day option to buy an additional 1.2 million shares to cover overallotments.

BofA Merrill Lynch, Goldman,Sachs & Co. and J.P. Morgan Securities Inc. are acting as joint bookrunners for the offering, which is expected to close Nov. 25.

Shares of Emergency Medical Services fell 70 cents to $47.61 in afternoon trading.