MEDNAX Commences Second $200 Million Accelerated Share Repurchase Program
12 Marzo 2015 - 12:00PM
Business Wire
MEDNAX, Inc. (NYSE: MD), the national medical group specializing
in neonatal, anesthesia, maternal-fetal, pediatric cardiology, and
other pediatric physician services, today announced the
commencement of a second $200 million accelerated share repurchase
(ASR) program with JPMorgan Chase Bank, N.A. This program follows
the Company’s first ASR that commenced in December, 2014.
Under the terms of the ASR, MEDNAX will repurchase $200 million
of its common stock, with an aggregate initial delivery of
approximately 2.2 million shares. The final number of shares to be
repurchased will be based on the volume-weighted average share
price of the company’s common stock during the term of the ASR,
minus a discount. The final settlement of the transactions under
the ASR is expected to occur in up to nine months. The Company is
funding the ASR with borrowings under its credit facility.
The ASR program is being executed as part of an authorization by
MEDNAX’s Board of Directors to repurchase up to $600 million of the
Company’s common stock, announced on October 30, 2014. Including
shares to be repurchased under this ASR program and open market
purchases, the Company has substantially completed this
authorization.
The $600 million authorization is incremental to the Company’s
existing authorization to repurchase its common stock up to an
amount sufficient to offset the dilutive impact from the issuance
of shares under MEDNAX’s equity programs. MEDNAX will continue to
contemplate various methods to effect future share repurchases,
including, among others, open-market purchases and additional
accelerated share repurchase programs.
ABOUT MEDNAX
MEDNAX, Inc. is a national medical group that comprises the
nation's leading providers of neonatal, anesthesia, maternal-fetal
and pediatric medical and surgical subspecialty services. The
Company is reshaping the delivery of care within its specialties
and subspecialties using evidence-based tools, continuous quality
initiatives and clinical research to enhance patient outcomes and
provide high-quality, cost-effective care. Pediatrix Medical Group,
a division of MEDNAX, was founded in 1979 and includes neonatal
physicians who provide services at more than 370 neonatal intensive
care units, and collaborate with affiliated maternal-fetal
medicine, pediatric cardiology, pediatric critical care and
physician subspecialists to provide a clinical care continuum.
Pediatrix is also the nation's largest provider of newborn hearing
screens. American Anesthesiology, a division of MEDNAX, was
established in 2007 and includes more than 2,400 anesthesiologists
and advanced practitioners who provide anesthesia care to patients
in connection with surgical and other procedures as well as pain
management. MEDNAX, through its affiliated professional
corporations, employs approximately 2,650 physicians in 34 states
and Puerto Rico. Additional information is available at
www.mednax.com.
Certain statements and information in this press release may be
deemed to contain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements may include, but are not limited to, statements relating
to our objectives, plans and strategies, and all statements, other
than statements of historical facts, that address activities,
events or developments that we intend, expect, project, believe or
anticipate will or may occur in the future. These statements are
often characterized by terminology such as “believe”, “hope”,
“may”, “anticipate”, “should”, “intend”, “plan”, “will”, “expect”,
“estimate”, “project”, “positioned”, “strategy” and similar
expressions, and are based on assumptions and assessments made by
MEDNAX’s management in light of their experience and their
perception of historical trends, current conditions, expected
future developments and other factors they believe to be
appropriate. Any forward-looking statements in this press release
are made as of the date hereof, and MEDNAX undertakes no duty to
update or revise any such statements, whether as a result of new
information, future events or otherwise. Forward-looking statements
are not guarantees of future performance and are subject to risks
and uncertainties. Important factors that could cause actual
results, developments, and business decisions to differ materially
from forward-looking statements are described in MEDNAX’s most
recent Annual Report on Form 10-K and its Quarterly Reports on Form
10-Q, including the sections entitled “Risk Factors”, as well
MEDNAX’s current reports on Form 8-K, filed with the Securities and
Exchange Commission.
MEDNAX, Inc.Charles Lynch, 954-384-0175, x-5692Vice President,
Strategy and Investor Relationscharles_lynch@mednax.com
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