IPO of Adeptus Health

June 30, 2014

Cleary Gottlieb represented Deutsche Bank, Goldman, Sachs, and the other underwriters in the initial public offering of 5,635,000 shares of Class A common stock of Adeptus Health (which included the exercise in full of the underwriters’ option to purchase additional shares).

The deal priced at the top end of the range on June 24, 2014 at $22 per share and closed on June 30, 2014. Adeptus Health sold 5,321,414 shares of Class A common stock and the selling stockholder, an affiliate of Sterling Partners, sold 313,586 shares of common stock. The common stock is listed on the New York Stock Exchange under the ticker symbol ADPT. Proceeds from the offering to the company are expected to be approximately $108.9 million and proceeds to the selling stockholder are expected to be approximately $6.4 million, each after deducting underwriting discounts and commissions.

Adeptus Health Inc. owns and operates First Choice Emergency Room, the largest network of independent freestanding emergency rooms in the United States. First Choice Emergency Room delivers emergency medical services for adult and pediatric emergencies by offering patients convenient, neighborhood access to emergency medical care. The company’s facilities are freestanding and fully equipped emergency rooms with a complete radiology suite of diagnostic technology (CT scanners, ultrasound and digital x-rays) and on-site laboratories. All First Choice Emergency Room locations are staffed with Board-certified physicians and emergency-trained registered nurses.