<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No. 1)
Under the Securities Exchange Act of 1934
Phycor, Inc.
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(Name of Issuer)
Common Stock, no par value
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(Title of Class of Securities)
71940F10
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(CUSIP Number of Class of Securities)
Patrick T. Hackett
E.M. Warburg, Pincus & Co., LLC
466 Lexington Avenue
New York, New York 10017
(212) 878-0600
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
Copies to:
Steven J. Gartner, Esq.
Willkie Farr & Gallagher
787 Seventh Avenue
New York, NY 10019-6099
(212) 728-8000
December 31, 1998
-------------------------------------------------
(Date of Event which Requires
Filing of this Schedule)
If the filing person has previously filed a statement on Schedule 13G
to report the acquisition which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(b)(3) or (4), check the
following: [ ]
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SCHEDULE 13D
- ----------------------------------- ---------------------
CUSIP No. 71940F10 Page 2 of 8 Pages
- ----------------------------------- ---------------------
- ---- ---------------------------------------------------------------------------
1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Warburg, Pincus Equity Partners, L.P.
I.D. #13-3986317
- ---- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_]
(b) [X]
- ---- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- ---- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
- ---- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ---- ---------------------------------------------------------------------------
7 SOLE VOTING POWER
6,327,000
------- -----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY ------- -----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 6,327,000
------- -----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- ---- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
6,327,000
- ---- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [_]
- ---- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.31%
- ---- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- ---- ---------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION
<PAGE>
SCHEDULE 13D
- ----------------------------------- ---------------------
CUSIP No. 71940F10 Page 3 of 8 Pages
- ----------------------------------- ---------------------
- ---- ---------------------------------------------------------------------------
1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Warburg, Pincus & Co. I.D. #13-6358475
- ---- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_]
(b) [X]
- ---- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
N/A
- ---- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e)
- ---- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- ---- ---------------------------------------------------------------------------
7 SOLE VOTING POWER
6,428,387
------- -----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY ------- -----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 6,428,387
------- -----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- ---- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
6,428,387
- ---- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [_]
- ---- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.44%
- ---- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- ---- ---------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ----------------------------------- ---------------------
CUSIP No. 71940F10 Page 4 of 8 Pages
- ----------------------------------- ---------------------
- --- ----------------------------------------------------------------------------
1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
E.M. Warburg, Pincus & Co., LLC I.D. #13-3536050
- --- ----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_]
(b) [X]
- --- ----------------------------------------------------------------------------
3 SEC USE ONLY
- --- ----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
N/A
- --- ----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
- --- ----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- --- ----------------------------------------------------------------------------
7 SOLE VOTING POWER
6,327,000
------- -----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY ------- -----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 6,327,000
------- -----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --- ----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
6,327,000
- --- ----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --- ----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.31%
- --- ----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- --- ----------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
This Amendment No. 1 amends the Schedule 13D filed on December 28, 1998
(the "Schedule 13D") on behalf of Warburg, Pincus Equity Partners, L.P., a
Delaware limited partnership ("WPEP"), Warburg, Pincus & Co., a New York general
partnership ("WP"), and E.M. Warburg, Pincus & Co., LLC, a New York limited
liability company ("EMW") relating to the common stock, no par value, of Phycor,
Inc., a Tennessee corporation (the "Company").
Unless otherwise indicated herein, each capitalized term used but not
defined herein shall have the meaning assigned to such term in the Schedule 13D.
Item 2
------
The list of the general partners of WP and the members of EMW referred
to in paragraph (a) of Item 2 of the Schedule 13D is hereby amended and restated
and attached hereto as Schedule I.
Item 3
------
Item 3 of the Schedule 13D is hereby amended by adding the following:
"The total amount of funds required by WPEP to purchase the Common
Stock was $34,893,134.00, and was furnished from the working capital of WPEP."
5 of 8 Pages
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Item 5
------
Paragraph (a) of Item 5 is hereby amended and restated in its entirety
to read as follows:
"As of December 31, 1998, WPEP and EMW beneficially owned 6,327,000
shares of Common Stock. As of December 31, 1998, WP beneficially owned 6,428,387
shares of Common Stock. Of the shares beneficially owned by WP, 101,387 are
shares held by advisory accounts managed by Warburg Pincus Asset Management,
Inc. ("WPAM") on a discretionary basis. WPAM is controlled by WP. These shares
were received as distributions to certain investment advisory accounts from
unaffiliated entities in which such accounts were invested. By reason of their
respective relationships with WPEP, each of the Reporting Entities may be deemed
under Rule 13d-3 under the Exchange Act to own beneficially all of the shares of
Common Stock which WPEP beneficially owns. As of December 31, 1998, 6,327,000
shares of Common Stock represented approximately 8.31% of the outstanding shares
of Common Stock, based on the 76,154,048 shares of Common Stock outstanding as
of November 13, 1998, as reported by the Company in their Quarterly Report on
Form 10-Q for the quarter ended September 30, 1998. As of December 31, 1998, the
6,428,387 shares of Common Stock beneficially owned by WP represented
approximately 8.44% of the outstanding shares of Common Stock."
Paragraph (b) of Item 5 is hereby amended and restated in its entirety
to read as follows:
6 of 8 Pages
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"Each of the Reporting Entities has sole power to dispose or to direct
the disposition with respect to the 6,327,000 shares and all shares acquired by
WPEP. As controlling shareholder of WPAM, WP has the power to dispose or to
direct the disposition with respect to the 101,387 shares of Common Stock held
by WPAM."
Schedule II hereto sets forth a list of open market purchases of Common
Stock made by the Reporting Entities since the filing of the Schedule 13D.
7 of 8 Pages
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SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief,
the undersigned certify that the information set forth in this statement is
true, complete and correct.
Dated: January 4, 1999 WARBURG, PINCUS EQUITY PARTNERS, L.P.
By: Warburg, Pincus & Co.,
General Partner
By: /s/ Stephen Distler
-----------------------------
Partner
Dated: January 4, 1999 WARBURG, PINCUS & CO.
By: /s/ Stephen Distler
-----------------------------
Partner
Dated: January 4, 1999 E.M. WARBURG, PINCUS & CO., LLC
By: /s/ Stephen Distler
-----------------------------
Member
8 of 8 Pages
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Schedule I
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Set forth below is the name, position and present principal occupation of
each of the general partners of Warburg, Pincus & Co. ("WP") and each of the
members of E.M. Warburg, Pincus & Co., LLC ("EMW"). The sole general partner
of Warburg, Pincus Equity Partners, L.P. ("WPEP") is WP. WP, EMW and WPEP
are hereinafter collectively referred to as the "Reporting Entities." Except
as otherwise indicated, the business address of each of such persons is 466
Lexington Avenue, New York, New York 10017, and each of such persons is a
citizen of the United States.
General Partners of WP
----------------------
Present Principal Occupation in Addition to
Position with WP, and Positions with the
Name Reporting Entities
- ---- -------------------------------------------
Joel Ackerman Managing Director and Member, EMW
Alvaro J. Aguirre Managing Director and Member, EMW
Harold Brown Senior Managing Director and Member, EMW
W. Bowman Cutter Managing Director and Member, EMW
Elizabeth B. Dater Managing Director and Member, EMW
Cary J. Davis Managing Director and Member, EMW
Stephen Distler Managing Director, Member and Treasurer, EMW
Harold W. Ehrlich Managing Director and Member, EMW
Kyle F. Frey Managing Director and Member, EMW
John L. Furth Managing Director and Member, EMW
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Stewart K.P. Gross Managing Director and Member, EMW
Patrick T. Hackett Managing Director and Member, EMW
Jeffrey A. Harris Managing Director and Member, EMW
William H. Janeway Managing Director and Member, EMW
Robert Janis Managing Director and Member, EMW
Douglas M. Karp Managing Director and Member, EMW
Charles R. Kaye Managing Director and Member, EMW
Henry Kressel Managing Director and Member, EMW
Joseph P. Landy Managing Director and Member, EMW
Sidney Lapidus Managing Director and Member, EMW
Kewsong Lee Managing Director and Member, EMW
Reuben S. Leibowitz Managing Director and Member, EMW
S. Joshua Lewis Managing Director and Member, EMW
Scott T. Lewis Managing Director and Member, EMW
David E. Libowitz Managing Director and Member, EMW
Brady T. Lipp Managing Director and Member, EMW
Stephen J. Lurito Managing Director and Member, EMW
Lynn S. Martin Managing Director and Member, EMW
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Nancy Martin Managing Director and Member, EMW
Edward J. McKinley Managing Director and Member, EMW
Rodman W. Moorhead III Senior Managing Director and Member, EMW
Maryanne Mullarkey Managing Director and Member, EMW
Howard H. Newman Managing Director and Member, EMW
Gary D. Nusbaum Managing Director and Member, EMW
Sharon B. Parente Managing Director and Member, EMW
Dalip Pathak Managing Director and Member, EMW
Lionel I. Pincus Chairman of the Board, CEO, and Managing
Member, EMW; and Managing Partner, Pincus &
Co.
Eugene L. Podsiadlo Managing Director and Member, EMW
Ernest H. Pomerantz Managing Director and Member, EMW
Brian S. Posner Managing Director and Member, EMW
Arnold M. Reichman Managing Director and Member, EMW
Roger Reinlieb Managing Director and Member, EMW
John D. Santoleri Managing Director and Member, EMW
Steven G. Schneider Managing Director and Member, EMW
Donald C. Schutltheis Managing Director and Member, EMW
S-3
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Sheila N. Scott Managing Director and Member, EMW
Harold Sharon Managing Director and Member, EMW
Eugene J. Siembieda Managing Director and Member, EMW
Barbara Tarmy Managing Director and Member, EMW
James E. Thomas Managing Director and Member, EMW
Donna M. Vandenbulcke Managing Director and Member, EMW
John L. Vogelstein Vice Chairman and Member, EMW
Elizabeth H. Weatherman Managing Director and Member, EMW
Patricia F. Widner Managing Director and Member, EMW
Pincus & Co.*
NL & Co.**
* New York limited partnership; its primary activity is
ownership interest in WP and EMW.
** New York limited partnership; its primary activity is
ownership interest in WP.
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MEMBERS OF EMW
--------------
Present Principal Occupation in Addition to
Position with EMW, and Positions with the
Name Reporting Entities
- ---- -------------------------------------------
Joel Ackerman Partner, WP
Alvaro J. Aguirre Partner, WP
Harold Brown Partner, WP
W. Bowman Cutter Partner, WP
Elizabeth B. Dater Partner, WP
Cary J. Davis Partner, WP
Stephen Distler Partner, WP
P. Nicholas Edwards(2)
Harold W. Ehrlich Partner, WP
Kyle F. Frey Partner, WP
John L. Furth Partner, WP
Stewart K.P. Gross Partner, WP
Patrick T. Hackett Partner, WP
Jeffrey A. Harris Partner, WP
William H. Janeway Partner, WP
Robert Janis Partner, WP
Douglas M. Karp Partner, WP
Charles R. Kaye Partner, WP
Richard H. King(2)
Henry Kressel Partner, WP
Rajiv B. Lall(4)
Joseph P. Landy Partner, WP
S-5
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Sidney Lapidus Partner, WP
Kewsong Lee Partner, WP
Reuben S. Leibowitz Partner, WP
S. Joshua Lewis Partner, WP
Scott T. Lewis Partner, WP
David E. Libowitz Partner, WP
Brady T. Lipp Partner, WP
Stephen J. Lurito Partner, WP
John W. MacIntosh(1)
Lynn S. Martin Partner, WP
Nancy Martin Partner, WP
Edward J. McKinley Partner, WP
James McNaught-Davis(2)
Rodman W. Moorhead III Partner, WP
Maryanne Mullarkey Partner, WP
Howard H. Newman Partner, WP
Gary D. Nusbaum Partner, WP
Sharon B. Parente Partner, WP
Dalip Pathak Partner, WP
Lionel I. Pincus Managing Partner, WP; Chairman of the Board
and CEO, EMW; Managing Partner, Pincus & Co.
Eugene L. Podsiadlo Partner, WP
Ernest H. Pomerantz Partner, WP
Brian S. Posner Partner, WP
Arnold M. Reichman Partner, WP
Roger Reinlieb Partner, WP
John D. Santoleri Partner, WP
S-6
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Steven G. Schneider Partner, WP
Donald C. Schultheis Partner, WP
Sheila N. Scott Partner, WP
Harold Sharon Partner, WP
Dominic H. Shorthouse(2)
Eugene J. Siembieda Partner, WP
Chang Q. Sun(3)
Barbara Tarmy Partner, WP
James E. Thomas Partner, WP
Donna M. Vandenbulcke Partner, WP
John L. Vogelstein Partner, WP
Elizabeth H. Weathermen Partner, WP
Patricia F. Widner Partner, WP
Jeremy S. Young(2)
Pincus & Co.*
(1) Citizen of Canada
(2) Citizen of United Kingdom
(3) Citizen of People's Republic of China
(4) Citizen of India
* New York limited partnership; its primary activity is ownership interest in
WP and EMW.
S-7
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Schedule II
-----------
Recent Purchases of the Common Stock
of Phycor, Inc.
Name of Number of Price Per Date
Purchaser Shares Purchased Share of Trade
- --------- ---------------- --------- --------
WPEP 2,000 $ 5.8750 12/24/98
WPEP 50,000 $ 5.8120 12/28/98
WPEP 50,000 $ 5.7500 12/28/98
WPEP 325,000 $ 6.5769 12/29/98
WPEP 75,000 $ 6.5208 12/29/98
WPEP 40,000 $ 5.3750 12/29/98
WPEP 100,000 $ 6.5000 12/29/98
WPEP 100,000 $ 6.8438 12/30/98
WPEP 100,000 $ 6.8750 12/31/98
Recent Acquisitions of the
Common Stock of Phycor, Inc.
by Warburg Pincus Asset Management, Inc.*
Name of Number of Price Per Date
Purchaser Shares Purchased Share of Trade
- --------- ---------------- --------- --------
WPAM 3,064 $ 5.3125 12/21/98
- --------
* Shares held by advisory accounts managed by Warburg Pincus Asset
Management, Inc. on a discretionary basis. Warburg Pincus Asset Management,
Inc. is controlled by Warburg, Pincus & Co. These shares were received as
distributions to certain investment advisory accounts from unaffiliated
entities in which such accounts were invested.
S-8
