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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No. 5)
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
August 23, 1999
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(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
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CUSIP No. 71940F10 Page 2 of 16 Pages
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- ----------- --------------------------------------------------------------------
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
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
7,255,135
--------- ------------------------------------------------
NUMBER OF SHARES 8 SHARED VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 0
PERSON WITH
--------- ------------------------------------------------
9 SOLE DISPOSITIVE POWER
7,255,135
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
7,597,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.0%
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14 TYPE OF REPORTING PERSON*
PN
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*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
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CUSIP No. 71940F10 Page 3 of 16 Pages
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1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Warburg, Pincus & Co. I.D. #13-6358475
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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7 SOLE VOTING POWER
7,597,000
--------- ------------------------------------------------
NUMBER OF SHARES 8 SHARED VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 0
PERSON WITH
--------- ------------------------------------------------
9 SOLE DISPOSITIVE POWER
7,597,000
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
7,597,000
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.0%
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14 TYPE OF REPORTING PERSON*
PN
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*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
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CUSIP No. 71940F10 Page 4 of 16 Pages
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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
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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7 SOLE VOTING POWER
7,597,000
--------- ------------------------------------------------
NUMBER OF SHARES 8 SHARED VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 0
PERSON WITH
--------- ------------------------------------------------
9 SOLE DISPOSITIVE POWER
7,597,000
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
7,597,000
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.0%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
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*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
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CUSIP No. 71940F10 Page 5 of 16 Pages
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1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Warburg, Pincus Netherlands Equity Partners I, C.V.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
The Netherlands
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7 SOLE VOTING POWER
227,910
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NUMBER OF SHARES 8 SHARED VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 0
PERSON WITH
--------- ------------------------------------------------
9 SOLE DISPOSITIVE POWER
227,910
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
7,597,000
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.0%
- ----------- --------------------------------------------------------------------
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
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CUSIP No. 71940F10 Page 6 of 16 Pages
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1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Warburg, Pincus Netherlands Equity Partners II, C.V.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
The Netherlands
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7 SOLE VOTING POWER
151,940
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NUMBER OF SHARES 8 SHARED VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 0
PERSON WITH
--------- ------------------------------------------------
9 SOLE DISPOSITIVE POWER
151,940
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10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
7,597,000
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.0%
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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
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CUSIP No. 71940F10 Page 7 of 16 Pages
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1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Warburg, Pincus Netherlands Equity Partners III, C.V.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
- ----------- --------------------------------------------------------------------
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
The Netherlands
- --------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
37,985
--------- ------------------------------------------------
NUMBER OF SHARES 8 SHARED VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 0
PERSON WITH
--------- ------------------------------------------------
9 SOLE DISPOSITIVE POWER
37,985
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
7,597,000
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.0%
- ----------- --------------------------------------------------------------------
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>
This Amendment No. 5 amends the Schedule 13D filed on December 28, 1998
(the "Initial Filing"), as amended by Amendment No. 1 to the Schedule 13D filed
on January 4, 1999, Amendment No. 2 to the Schedule 13D filed on January 13,
1999, Amendment No. 3 to the Schedule 13D filed on March 8, 1999 and Amendment
No. 4 to the Schedule 13D filed on June 17, 1999 (collectively with the Initial
Filing, 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"). In addition, Warburg, Pincus Netherlands
Equity Partners I, C.V. ("WPNEPI"), Warburg, Pincus Netherlands Equity Partners
II, C.V. ("WPNEPII") and Warburg, Pincus Netherlands Equity Partners III, C.V.
("WPNEPIII" and, together with WPNEPI, WPNEPII and WPEP, the "Investors") are
included as Reporting Entities in this Amendment No. 5.
Unless otherwise indicated herein, each capitalized term used but not
defined herein shall have the meaning assigned to such term in the Initial
Filing.
Item 3
------
The second paragraph of Item 3 of the Schedule 13D is hereby amended and
restated in its entirety to read as follows:
The total amount of funds required by the Investors to purchase the Series
A Notes (as defined in Item 4) will be
8 of 16 Pages
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$100,000,000, and will be furnished from the working capital of the Investors.
The total amount of funds required by the Investors to purchase the Series B
Notes (as defined in Item 4) will be $100,000,000, and will be furnished from
the working capital of the Investors.
Item 4
------
Item 4 is hereby amended by adding the following:
AMENDMENT TO THE AGREEMENT TO PURCHASE ZERO COUPON
CONVERTIBLE SUBORDINATED NOTES
On August 23, 1999, the Investors and WP entered into an Amendment to
Securities Purchase Agreement with the Company (the "Amendment"), which amended
certain of the terms of the Securities Purchase Agreement, dated as of June 15,
1999, by and among the Company and the Investors (the "Purchase Agreement").
Pursuant to the Amendment, the Company has agreed to issue and sell and the
Investors have agreed to purchase Series A Zero Coupon Convertible Subordinated
Notes due 2014 in the total principal amount at maturity of $266,390,207 (the
"Series A Notes"). In addition, under certain conditions described below, the
Company has agreed to issue and sell and the Investors have agreed to purchase
Series B Zero Coupon Convertible Subordinated Notes due 2014 in the total
principal amount at maturity of $266,390,207 (the "Series B Notes, and together
with the Series A Notes, the "Notes").
The purchase of the Notes is subject to the satisfaction or waiver of
certain conditions, including certain regulatory
9 of 16 Pages
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approvals. In addition, the sale of the Series B Notes to the Investors (the
"Series B Transaction") is subject to the approval of the Company's shareholders
at a special meeting of shareholders to be called by the Company's Board of
Directors as soon as reasonably practicable after the sale and purchase of the
Series A Notes (the "Special Meeting").
Upon the approval of the Series B Transaction by the shareholders of the
Company at the Special Meeting, the Company will sell all of the Series B Notes
to the Investors and the Investors will be obligated to purchase all of the
Series B Notes from the Company. Notwithstanding the foregoing, in the event the
shareholders of the Company approve the Series B Transaction, the Company and
the Investors may mutually determine that the Company will sell less than all of
the Series B Notes to the Investors and that the Investors will purchase less
than all of the Series B Notes from the Company.
In the event the shareholders of the Company fail to approve the Series B
Transaction, the Company will have no obligation to sell the Series B Notes to
the Investors and the Investors will have no obligation or right to purchase the
Series B Notes form the Company.
Under the terms of the Amendment, the Investors may convert the Notes into
shares of Common Stock, no par value per share, of the Company (the "Common
Stock") at any time on or before the final maturity date of the Notes at an
initial conversion price of $6.67 per share, subject to certain anti-dilution
adjustments.
10 of 16 Pages
<PAGE>
If the Series A Notes were outstanding on the date of this filing, the Series A
Notes would be convertible into 14,992,441 shares of the Common Stock. If the
Series B Notes were outstanding on the date of this filing, the Series B Notes
would be convertible into 14,992,441 shares of the Common Stock.
Permitted Acquisitions. Pursuant to the Amendment, in the event that the
Company and the Investors mutually determine that the Company will sell less
than all of the Series B Notes or the Series B Transaction is not approved by
the Company's shareholders at the Special Meeting, the Investors may acquire
additional shares of Common Stock in open-market purchases or otherwise
("Permitted Acquisitions") provided that (i) the Permitted Acquisitions are made
no later than six (6) months after such determination by the Company and the
Investors or the Special Meeting, (ii) the Permitted Acquisitions do not exceed
the product of (a) 15,000,000 shares of Common Stock (subject to appropriate
adjustment for any stock split or similar event) multiplied by (b) one minus the
quotient of the aggregate principal amount at final maturity of the Series B
Notes sold to the Investors divided by $266,390,207, (iii) the aggregate
consideration for such Permitted Acquisitions does not exceed the difference
between $100,000,000 and the original issue discount value of the aggregate
principal amount at final maturity of the Series B Notes sold by the Company to
the Investors and (iv) the sum of (a) the number of shares of Common Stock
beneficially owned by the Investors as of the date of the Purchase Agreement
(before giving effect to the transactions contemplated thereby),
11 of 16 Pages
<PAGE>
(b) the number of shares of Common Stock issuable from time to time upon
conversion of the Notes and (c) during a period of six months from the earlier
of (1) the date the Company and the Investors mutually determine to sell less
than all the Series B Notes or (2) the date of the Special Meeting at which the
shareholders of the Company fail to approve the Series B Transaction, the
Permitted Acquisitions, will not exceed the number of shares of Common Stock
equal to 46% of the sum of the then outstanding Common Stock plus the number of
shares issuable upon conversion of the issued and outstanding Notes.
In the event the Company and the Investors mutually determine that the
Company will sell less than all of the Series B Notes or the Series B
Transaction is not approved by the Company's shareholders, the Investors
currently intend to make the Permitted Acquisitions in open-market purchases or
otherwise. The actual timing and amount of such purchases will depend on the
receipt of all required regulatory approvals and prevailing market conditions at
the time of such purchases.
12 of 16 Pages
<PAGE>
Item 5
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Paragraph (a) of Item 5 of the Schedule 13D is hereby amended and restated
in its entirety to read as follows:
As of August 27, 1999, the Reporting Entities beneficially owned 7,597,000
shares of Common Stock. By reason of their respective relationships with
Investors, 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
each of the Investors beneficially owns. As of August 27, 1999, 7,597,000 shares
of Common Stock represented approximately 10.0% of the outstanding shares of
Common Stock, based on the 75,974,496 shares of Common Stock outstanding as of
August 23, 1999, as reported in conversations with the Company and its counsel.
Upon the acquisition of the Series A Notes in accordance with the terms of the
Purchase Agreement and the Amendment, the Reporting Entities will beneficially
own 22,589,441 Common Stock, which will represent approximately 24.8% of the
shares of Common Stock outstanding. Upon the subsequent acquisition of the
Series B Notes in accordance with the terms of the Purchase Agreement and the
Amendment, the Reporting Entities will beneficially own 37,581,882 shares of
Common Stock, which will represent approximately 35.5% of the shares of Common
Stock outstanding.
13 of 16 Pages
<PAGE>
Item 6
------
Item 6 of the Schedule 13D is hereby amended by adding the following:
The information set forth under the heading "Amendment to the Agreement to
Purchase Zero Coupon Convertible Subordinated Notes" in Item 4 is incorporated
herein by reference.
14 of 16 Pages
<PAGE>
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: August 27, 1999 WARBURG, PINCUS EQUITY
PARTNERS, L.P.
By: Warburg, Pincus & Co.,
General Partner
By: /s/ Reuben S. Leibowitz
------------------------------
Reuben S. Leibowitz
Partner
Dated: August 27, 1999 WARBURG, PINCUS & CO.
By: /s/ Reuben S. Leibowitz
------------------------------
Reuben S. Leibowitz
Partner
Dated: August 27, 1999 E.M. WARBURG, PINCUS & CO., LLC
By: /s/ Reuben S. Leibowitz
------------------------------
Reuben S. Leibowitz
Member
Dated: August 27, 1999 WARBURG, PINCUS NETHERLANDS
EQUITY PARTNERS I, C.V.
By: Warburg, Pincus & Co.,
General Partner
By: /s/ Reuben S. Leibowitz
------------------------------
Reuben S. Leibowitz
Partner
15 of 16 Pages
<PAGE>
Dated: August 27, 1999 WARBURG, PINCUS NETHERLANDS
EQUITY PARTNERS II, C.V.
By: Warburg, Pincus & Co.,
General Partner
By: /s/ Reuben S. Leibowitz
------------------------------
Reuben S. Leibowitz
Partner
Dated: August 27, 1999 WARBURG, PINCUS NETHERLANDS
EQUITY PARTNERS III, C.V.
By: Warburg, Pincus & Co.,
General Partner
By: /s/ Reuben S. Leibowitz
------------------------------
Reuben S. Leibowitz
Partner
16 of 16 Pages
