The largest Puerto Rican managed healthcare company, Triple-S Management, priced its 14 million share offering at $14.50, a 8.5% discount to its proposed range of $16 to $18. Despite establishing leading market positions in Puerto Rico's managed care and life insurance industries, we believe investors were weary of the negative trends in the company's commercial membership rates and its dependence on government contracts. Credit Suisse and UBS Investment Bank acted as the joint book runners on the deal, and the stock is expected to start trading Friday on the NYSE under the symbol "GTS."
