Patriot National Inc. has filed it S-1 form with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO). No terms were given in the filing, but the it was for up to $100 million. The company will list on the New York Stock Exchange under the symbol PN.
The underwriters for the offering are UBS Investment Bank, BMO Capital Markets and SunTrust Robinson Humphrey.
Patriot National is a national provider of comprehensive outsourcing solutions within the workers’ compensation marketplace for insurance companies, employers, local governments and reinsurance captives. Patriot National offers an end-to-end portfolio of services to increase business production, contain costs and reduce claims experience for its clients. It leverages distribution relationships, proprietary business processes, advanced technology infrastructure and management expertise to deliver solutions to its clients.
Patriot National markets the programs through its broad distribution network of over 1,000 independent retail agencies.
Once an insurance program has established with an insurance carrier client, the company offers a suite of additional services, including claims administration and adjudication, cost containment, nurse case management, fraud investigation and subrogation services.
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Patriot National generates fee revenue for its services, and it does not write any insurance policies or bear underwriting risk. The filing said on revenues:
On a pro forma basis, after giving effect to the Acquisitions … this offering and the application of use of proceeds therefrom, our revenue was $101.1 million for the nine months ended September 30, 2014 and $93.0 million for the year ended December 31, 2013.
The company plans to use the proceeds to repay all outstanding amounts under the amended and restated first lien term loan agreement. As of September 30, 2014, the company had approximately $66.5 million in outstanding borrowings under its PennantPark Loan Agreement and $56.6 million in outstanding borrowings under its UBS Credit Agreement.
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