NASHVILLE, Tenn.--(BUSINESS WIRE)--
HealthStream, Inc. ("HealthStream") (NASDAQ: HSTM) announced today that
it has closed its previously announced public offering of 3,365,000
shares of its common stock at a price to the public of $26.75 per share.
In addition, the underwriters fully exercised their 30-day
over-allotment option to purchase an additional 504,750 shares from the
Company, resulting in a total sale of 3,869,750 shares.
HealthStream received net proceeds of approximately $97.8 million after
deducting underwriting discounts and commissions and estimated offering
expenses payable by HealthStream. HealthStream intends to use $28.0
million of the net proceeds from the offering to repay all of its
outstanding revolving credit facility borrowings and the remaining net
proceeds for general corporate purposes, including working capital and
the financing of potential acquisitions of, or investments in, strategic
businesses, products, or technologies.
William Blair & Company, L.L.C. and Raymond James & Associates, Inc.
served as joint book-running managers of the offering. Avondale
Partners, LLC, Craig-Hallum Capital Group LLC, and First Analysis
Securities Corp. served as co-managers of the offering.
The offering was made solely by means of a prospectus supplement to the
prospectus filed with the Securities and Exchange Commission (the "SEC")
as a part of HealthStream's effective shelf registration statement on
Form S-3 (File No. 333-198059). Investors in the offering should read
the prospectus supplement and accompanying prospectus for the offering
and the other documents incorporated therein by reference that
HealthStream has filed with the SEC for more complete information about
HealthStream and the offering. Investors can obtain these documents
without charge on the SEC website at www.sec.gov.
Alternatively, copies of the prospectus supplement and the accompanying
prospectus relating to the offering can be obtained from William Blair &
Company, L.L.C., Attention: Prospectus Department, 222 West Adams
Street, Chicago, Illinois 60606, or by calling 1-800-621-0687 and from
Raymond James & Associates, Inc., Attention: Equity Syndicate, 880
Carillon Parkway, St. Petersburg, Florida 33716, or by calling
This press release shall 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 jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
HealthStream (NASDAQ: HSTM) is dedicated to improving patient outcomes
through the development of healthcare organizations' greatest asset:
their people. Our unified suite of solutions is contracted by,
collectively, over 4.4 million healthcare employees in the U.S. for
workforce development, training & learning management, talent
management, credentialing, privileging, provider enrollment, performance
assessment, and managing simulation-based education programs. Our
research solutions provide valuable insight to healthcare providers to
meet HCAHPS requirements, improve the patient experience, engage their
workforce, and enhance physician alignment. Based in Nashville,
Tennessee, HealthStream has additional offices in San Diego, California,
Laurel, Maryland, Brentwood, Tennessee, Pensacola, Florida, and Jericho,
New York. For more information, please call 1-800-933-9293.
Cautionary Statement Regarding Forward Looking Statements
This press release includes forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. In this
press release, HealthStream makes forward-looking statements about its
use of proceeds from the offering. These statements are necessarily
subject to risk and uncertainty and actual results could differ
materially from those anticipated due to various factors, including
those set forth from time to time in HealthStream's filings with the
SEC. You should not place undue reliance on forward-looking statements
and HealthStream undertakes no obligation to update any such statements
to reflect circumstances or events that occur after the dates on which
the forward-looking statements are made.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150528005859/en/
Gerard M. Hayden, Jr., 615-301-3163
Condra, Ph.D., 615-301-3237
Source: HealthStream, Inc.
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