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Registration No. 33-66210
Rule 424(b)(5)
AMENDMENT TO SUPPLEMENT
TO PROSPECTUS, DATED AUGUST 28, 1996
PhyCor, Inc.
5,062,500 Shares
Common Stock
---------
The Prospectus, dated August 28, 1996 (the "Prospectus"), to which this
Amendment to Supplement, dated September 19, 1996, is attached, relates to an
aggregate of up to 5,062,500 shares of Common Stock of PhyCor, Inc. (the
"Company") to be issued in transactions involving the acquisition of the assets
or stock of individual physician practices and single and multi-specialty
medical clinics. This Amendment to Supplement relates to the resale, from time
to time, by the physicians listed on Schedule A hereto (each a "Physician") of
up to an aggregate of 141,542 shares (the "Shares") of the Company's Common
Stock, no par value per share ("Common Stock").
This Amendment to Supplement amends the Supplement to Prospectus
originally filed with the Securities and Exchange Commission on October 14,
1995. Pursuant to an Asset Purchase Agreement, dated as of September 1, 1995
(the "Purchase Agreement"), PhyCor of Mesa, Inc., a Tennessee corporation and
wholly-owned subsidiary of the Company("PhyCor-Arizona"), acquired
substantially all of the operating assets of Casa Blanca Clinic, Ltd., an
Arizona professional corporation (the "Clinic"). In connection with this
transaction, the Company issued a 7.0% Subordinated Convertible Note in the
principal amount of $6,785,171 (the "Note") to Casa Blanca I, P.L.L.C., an
Arizona professional limited liability company and successor entity to the
Clinic (the "P.L.L.C."), in consideration of (i) the execution by the Clinic
of an Interim Management Agreement between the Clinic and PhyCor-Arizona and
(ii) the affiliation of the physicians employed by the Clinic with the P.L.L.C.
as of the closing of the transaction. On September 7, 1995, the Company issued
an aggregate of 290,170 shares of Common Stock to the P.L.L.C., upon the
conversion of the Note. Following the conversion of the Note, the P.L.L.C.
sold 195,804 shares of Common Stock pursuant to a Supplement to the Prospectus
dated September 8, 1995 and distributed 94,366 shares to the Physicians on a
pro rata basis based on the Physicians' respective ownership interests in the
P.L.L.C. On June 14, 1996, the Company effected a three-for-two stock split in
the form of a 50% stock dividend. Terms defined in the Prospectus have the same
meaning in this Amendment to Supplement unless the context otherwise requires.
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The date of this Amendment to Supplement is September 19, 1996.
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THIS AMENDMENT TO SUPPLEMENT INCORPORATES DOCUMENTS BY REFERENCE WHICH ARE
NOT PRESENTED HEREIN OR DELIVERED HEREWITH. THESE DOCUMENTS ARE AVAILABLE UPON
WRITTEN OR ORAL REQUEST, AT NO CHARGE, FROM THE COMPANY. REQUESTS SHOULD BE
DIRECTED TO PHYCOR, INC., 30 BURTON HILLS BOULEVARD, SUITE 400, NASHVILLE,
TENNESSEE 37215, ATTENTION: N. CAROLYN FOREHAND, VICE PRESIDENT AND GENERAL
COUNSEL.
Selling Shareholders
Each Physician is licensed to practice medicine pursuant to the laws of
the State of Arizona and practiced medicine through the Clinic prior to the
transaction noted above. The Company, through PhyCor-Arizona, acquired
substantially all of the assets of the Clinic pursuant to the Purchase
Agreement. In connection therewith, the Company issued the Note to the P.L.L.C.,
and on September 7, 1995, the Note was converted into an aggregate of 290,170
shares of Common Stock. Of these shares, 195,804 shares were resold by the
P.L.L.C. pursuant to a Supplement to the Prospectus, dated September 8, 1995.
The remaining 94,366 shares were then distributed to the Physicians on a pro
rata basis based on the Physicians' respective ownership of interests in the
P.L.L.C. The Shares may be resold by a Physician through a registered
broker-dealer in accordance with the terms of the Prospectus. The aggregate
number of Shares that may be resold by each Physician, as revised to reflect a
three-for-two split of the Company's Common Stock effected June 14, 1996 in the
form of a 50% stock dividend, is indicated on Schedule A hereto.
Plan of Offering
This Amendment to Supplement relates to the reoffering, from time to time,
of the Shares through a registered broker-dealer. The resale of the Shares will
be effected through a registered broker-dealer in private or block transactions
in the over-the-counter market (including The Nasdaq Stock Market (National
Market)) or otherwise at fixed prices which may be changed, at market prices
prevailing at the time of the sale, at prices related to such prevailing market
price, or at negotiated prices. The broker-dealer may effect such transactions
by selling the Shares to or through other broker-dealers, and such
broker-dealers may receive compensation in the form of discounts, concessions
or commissions from the purchasers of the Shares for whom such broker-dealers
may act as agent or to whom they may sell as principal, or both (which
compensation as to a particular broker-dealer might be in excess of customary
commissions). As a result of the reoffering of the Shares pursuant to the
Prospectus, as supplemented hereby, the Company and the respective
broker-dealer may be deemed to be "underwriters" within the meaning of Section
2(11) of the Securities Act of 1933, as amended.
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SCHEDULE A
CASA BLANCA CLINIC I, P.L.L.C.
ID #86-0801216
<TABLE>
<CAPTION>
EMPLOYEE NAME SSN ADDRESS SHARES
- ------------- --- ------- ------
<S> <C> <C> <C>
Alan Y.M. Chang, M.D. ###-##-#### 4066 E. Grandview 12,955
Mesa, AZ 85203
Ashok K. Chatterjee, M.D. ###-##-#### 2200 E. San Angelo 10,363
#1090
Gilbert, AZ 85233
Denise Chavez, M.D. ###-##-#### 2727 S. Kenneth 1,728
Tempe, AZ 85282
Gordon T. Doneskey, M.D. ###-##-#### 2424 W. Rose Lane 2,763
Mesa, AZ 85203
Nathaniel Fastenberg, M.D. ###-##-#### 1503 E. Treasure Cove 5,181
Gilbert, AZ 85234
Mitchell Factor, M.D. ###-##-#### 9074 E. Charter Oak Dr. 1,575
Scottsdale, AZ 85260
Dean C. Faust, D.O. ###-##-#### 1710 S. Gilbert 2,778
#1010
Mesa, AZ 85204
Lawrence F. Feld, M.D. ###-##-#### 643 W. Sierra Madre Ave. 4,144
Gilbert, AZ 85234
Donald L. Griner, D.O. ###-##-#### 3964 E. Farmdale Ave. 6,219
Mesa, AZ 85206
James L. Gross, D.O. ###-##-#### 6220 E. Calle Redonda 5,181
Scottsdale, AZ 85251
Jay H. Jacobs, M.D. ###-##-#### 4222 E. Brown 1,036
#26
Mesa, AZ 85205
William M. Jacobs, M.D. ###-##-#### 635 S. Sahuaro Dr. 346
Gilbert, AZ 85233
Richard B. Jonas, M.D. ###-##-#### 4222 E. Brown Road 3,109
#5
Mesa, AZ 85205
Jane L. Jones, M.D. ###-##-#### 908 W. Wagner 1,125
Gilbert, AZ 85234
Lawrence Kahn, M.D. ###-##-#### 8264 S. Pecan Grove Cir. 2,071
Tempe, AZ 85284
Horace S. Kent, M.D. ###-##-#### P.O. Box 11000 5,181
Mesa, AZ 85214-1000
</TABLE>
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<TABLE>
<CAPTION>
EMPLOYEE NAME SSN ADDRESS SHARES
- ------------- --- ------- ------
<S> <C> <C> <C>
Scott C. Kipp, M.D. ###-##-#### 13411 S. 33rd Ct. 6,909
Phoenix, AZ 85044
Casa Blanca Clinic I, P.L.L.C. 86-0801216 P.O. Box 11000 313
Mesa, AZ 85234
Michael M. Long, M.D. ###-##-#### 8276 S. Pecan Grove Cir. 8,635
Tempe, AZ 85284
John R. Mitchell, M.D. ###-##-#### 1204 E. Glencove Cir. 5,181
Mesa, AZ 85203
Ann Marie Padilla, M.D. ###-##-#### 9640 S. Dromedary Dr. 5,181
Tempe, AZ 85284
Russell Payson, M.D. ###-##-#### 2419 N. Val Vista 10,363
Mesa, AZ 85213
Philippe Y. Reyns, M.D. ###-##-#### 26 N. Bull Moose Cir. 10,363
Chandler, AZ 85224
Charles A. Saffell, M.D. ###-##-#### 805 N. Grand 10,363
Mesa, AZ 85201
Rodney K. Shotton, M.D. ###-##-#### 1061 N. Del Mar 9,325
Mesa, AZ 85203
Collin Udall, M.D. ###-##-#### 3158 E. Harmony 864
Mesa, AZ 85204
Michael G. Wade, M.D. ###-##-#### 3125 N. 83rd St. 8,290
Scottsdale, AZ 85251
</TABLE>
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