Insider filing report for Changes in Beneficial Ownership
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(AMENDMENT NO. 4)*
WELLCARE HEALTH PLANS, INC.
(Name of Issuer)
COMMON STOCK, PAR VALUE $0.01 PER SHARE
(Title of Class of Securities)
94946T106
(CUSIP Number)
Filippo J. Cardini, Esq.
COO and General Counsel
TowerBrook Capital Partners (U.K.) LLP
83 Pall Mall
London
SW1Y 5ES
United Kingdom
TELEPHONE: 44 (0)20 7451 2002
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
AUGUST 2, 2006
(Date of Event which Requires Filing of this Statement)
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(e), 13d-1(f) or 13d-1(g), check the
following box. [ ]
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits, should be filed with the
Commission. See Rule 13d-1(a) for other parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
==============================================================================
CUSIP No. 94946T106 Page 2 of 11
SCHEDULE 13-D
- --------------------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS. I.R.S. IDENTIFICATION NOS. OF ABOVE
PERSONS (ENTITIES ONLY).
TowerBrook Investors L.P. (f/k/a Soros Private Equity Investors LP)
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [_]
(b) [X]
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS (SEE INSTRUCTIONS)
- --------------------------------------------------------------------------------
5. CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
[_]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
None
------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF
SHARES 257,968*
BENEFICIALLY OWNED ------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH None
------------------------------------------------
10 SHARED DISPOSITIVE POWER
257,968*
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
257,968*
- --------------------------------------------------------------------------------
12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS)
[_]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.6%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN
- --------------------------------------------------------------------------------
- --------
* See Item 2.
CUSIP No. 94946T106 Page 3 of 11
SCHEDULE 13-D
- --------------------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS. I.R.S. IDENTIFICATION NOS. OF ABOVE
PERSONS (ENTITIES ONLY).
TCP General Partner L.P. (f/k/a SPEP General Partner LP)
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [_]
(b) [X]
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS (SEE INSTRUCTIONS)
- --------------------------------------------------------------------------------
5. CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
[_]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
None
------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF
SHARES 257,968*
BENEFICIALLY OWNED ------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH None
------------------------------------------------
10 SHARED DISPOSITIVE POWER
257,968*
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
257,968*
- --------------------------------------------------------------------------------
12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS)
[_]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.6%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN
- --------------------------------------------------------------------------------
- --------
* See Item 2.
CUSIP No. 94946T106 Page 4 of 11
SCHEDULE 13-D
- --------------------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS. I.R.S. IDENTIFICATION NOS. OF ABOVE
PERSONS (ENTITIES ONLY).
TowerBrook Capital Partners LLC
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [_]
(b) [X]
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS (SEE INSTRUCTIONS)
- --------------------------------------------------------------------------------
5. CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
[_]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
None
------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF
SHARES 257,968*
BENEFICIALLY OWNED ------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH None
------------------------------------------------
10 SHARED DISPOSITIVE POWER
257,968*
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
257,968*
- --------------------------------------------------------------------------------
12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS)
[_]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.6%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO
- --------------------------------------------------------------------------------
- --------
* See Item 2.
CUSIP No. 94946T106 Page 5 of 11
SCHEDULE 13-D
- --------------------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS. I.R.S. IDENTIFICATION NOS. OF ABOVE
PERSONS (ENTITIES ONLY).
Neal Moszkowski (in the capacity described herein)
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [_]
(b) [X]
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS (SEE INSTRUCTIONS)
- --------------------------------------------------------------------------------
5. CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
[_]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
93,214
------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF
SHARES 257,968*
BENEFICIALLY OWNED ------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 93,214
------------------------------------------------
10 SHARED DISPOSITIVE POWER
257,968*
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
351,182*
- --------------------------------------------------------------------------------
12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS)
[_]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.9%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
- --------------------------------------------------------------------------------
- --------
* See Item 2.
CUSIP No. 94946T106 Page 6 of 11
SCHEDULE 13-D
- --------------------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS. I.R.S. IDENTIFICATION NOS. OF ABOVE
PERSONS (ENTITIES ONLY).
Ramez Sousou (in the capacity described herein)
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [_]
(b) [X]
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS (SEE INSTRUCTIONS)
- --------------------------------------------------------------------------------
5. CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
[_]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
40,001
------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF
SHARES 257,968*
BENEFICIALLY OWNED ------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 40,001
------------------------------------------------
10 SHARED DISPOSITIVE POWER
257,968*
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
297,969*
- --------------------------------------------------------------------------------
12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS)
[_]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.7%
- --------------------------------------------------------------------------------
14.
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
- --------------------------------------------------------------------------------
- --------
* See Item 2.
CUSIP No. 94946T106 Page 7 of 11
Item 1. SECURITY AND ISSUER.
This statement on Schedule 13D relates to the Common Stock,
$0.01 par value per share (the "Common Stock") of WellCare Health Plans, Inc.,
a Delaware corporation (the "Issuer"). The Issuer's principal executive office
is located at 8725 Henderson Road, Renaissance One, Tampa, Florida.
Item 2. IDENTITY AND BACKGROUND.
This constitutes Amendment No. 4 to the Statement on
Schedule 13D filed by the Reporting Persons on April 25, 2005. This statement
is filed on behalf of each of the following persons (collectively, the
"Reporting Persons"):
1) TowerBrook Investors L.P. (f/k/a Soros Private Equity
Investors LP) ("TBI");
2) TCP General Partner L.P. (f/k/a SPEP General Partner LP)
("TCP GP");
3) TowerBrook Capital Partners LLC ("TCP LLC");
4) Neal Moszkowski ("Mr. Moszkowski"); and
5) Ramez Sousou ("Mr. Sousou").
TBI is a Delaware limited partnership. The general partner
of TBI is TCP GP which is a Delaware limited partnership. Prior to April 14,
2005, TBI and TCP GP were known as Soros Private Equity Investors LP and SPEP
General Partner LP, respectively.
A five-member investment committee of TCP GP exercises
exclusive decision making authority with respect to investments by TBI. The
members of the investment committee are Mr. Moszkowski, Mr. Sousou, Patrick
Smulders, Frank Sica and Robert Soros. TCP GP's general partner is TCP LLC, a
Delaware limited liability company whose controlling members are Mr.
Moszkowski and Mr. Sousou. In such capacity Mr. Moszkowski and Mr. Sousou may
be deemed to have shared voting and dispositive power over the securities held
by TBI. The business address of each of the Reporting Persons, other than Mr.
Sousou, is 430 Park Avenue, New York, NY 10022. Mr. Sousou's business address
is 83 Pall Mall, London, SW1Y, 5ES, United Kingdom.
Mr. Moszkowski is a director of the Issuer. Mr. Moszkowski
is a natural person and citizen of the United States of America.
Mr. Sousou is a natural person and citizen of the United
Kingdom.
Page 8 of 11
During the last five years, none of the Reporting Persons
has been convicted in a criminal proceeding (excluding traffic violations or
similar misdemeanors) or was a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction as a result of which such person
was or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, federal or
state securities laws, or finding any violation with respect to such laws.
Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
N/A
Item 4. PURPOSE OF TRANSACTION.
On August 2, 2006, TBI distributed 4,900,816 shares pro rata
to its partners. The partners of TBI, including TCP GP, received shares of the
Issuer's common stock which were subsequently distributed pro rata to its
partners or members and such partners or members subsequently distributed the
shares they received pro rata to their partners or members. In connection with
the distributions, TCP GP received and distributed 226,610 shares. TCP LLC did
not receive any shares in the distributions. TBI, TCP GP and TCP LLC no longer
have beneficial ownership of the shares of Common Stock distributed by TBI and
TCP GP. In connection with the distributions, Mr. Moszkowski received directly
93,214 shares of Common Stock and Mr. Sousou received directly 90,442 shares
of Common Stock. No consideration was paid in connection with the
distributions.
On August 3, 2006, Mr. Sousou disposed of 50,441 shares of
Common Stock at an average price per share of $52.2082 in open market
transactions.
The information set forth under Items 3 and 6 is hereby
incorporated by this reference.
Except as otherwise described in this Schedule 13D, none of
the Reporting Persons has formulated any plans or proposals which relate to or
would result in: (a) the acquisition by any person of additional securities of
the Issuer, or the disposition of securities of the Issuer; (b) an
extraordinary corporate transaction, such as a merger, reorganization or
liquidation, involving the Issuer or any of its subsidiaries; (c) a sale or
transfer of a material amount of assets of the Issuer or any of its
subsidiaries; (d) any change in the present Board of Directors or management
of the Issuer, including any plans or proposals to change the number or term
of directors or to fill any existing vacancies on the Board; (e) any material
change in the present capitalization or dividend policy of the Issuer; (f) any
other material change in the Issuer's business or corporate structure; (g) any
changes in the Issuer's charter or by-laws or other actions which may impede
the acquisition or control of the Issuer by any person; (h) causing a class of
securities of the Issuer to be delisted from a national securities exchange or
cease to be authorized to be quoted in an interdealer quotation system of a
registered national securities association; (i) causing a class of equity
securities of the Issuer to become eligible for termination of registration
pursuant to Section 12(g)(4) of the Securities Exchange Act of 1934; or (j)
any action similar to those enumerated above.
Page 9 of 11
Item 5. INTEREST IN SECURITIES OF THE ISSUER.
(a)-(b) The ownership percentages set forth below are based
on 40,613,012 shares of the Issuer's Common Stock outstanding as set forth in
the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended June
30, 2006 filed on August 4, 2006.
(i) By virtue of the relationships described
under Item 2 and Item 6, each of TBI, TCP GP and TCP LLC may be deemed to
share voting and dispositive power with respect to 257,968 shares of Common
Stock. Therefore, each of TBI, TCP GP and TCP LLC may be deemed to
beneficially own in the aggregate 257,968 shares of Common Stock, or
approximately 0.6% of the outstanding shares of Common Stock.
(ii) By virtue of the relationships described in
Item 2 and Item 6, Mr. Moszkowski may be deemed to share voting and
dispositive power with respect to 257,968 shares of Common Stock and have sole
voting and dispositive power with respect to 93,214 shares of Common Stock.
Therefore, Mr. Moszkowski may be deemed to beneficially own in the aggregate
351,182 shares of Common Stock, or approximately 0.9% of the outstanding
shares of Common Stock.
(iii) By virtue of the relationships described in
Item 2 and Item 6, Mr. Sousou may be deemed to share voting and dispositive
power with respect to 257,968 shares of Common Stock and have sole voting and
dispositive power with respect to 40,001 shares of Common Stock. Therefore,
Mr. Sousou may be deemed to beneficially own in the aggregate 297,969 shares
of Common Stock, or approximately 0.7% of the outstanding shares of Common
Stock.
(c) To the best knowledge of the Reporting Persons, none of
the Reporting Persons has effected any transaction in shares of Common Stock
during the past 60 days (other than the transaction described in Item 4 of
this Amendment No. 4 to Schedule 13D).
(d) N/A
(e) Each of the Reporting Persons ceased to be the
beneficial owner of more than five percent of the outstanding shares of Common
Stock on August 2, 2006.
Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
TBI is party to a Registration Rights Agreement with the
Issuer and certain other security holders of the Issuer, pursuant to which the
Issuer granted registration rights to those stockholders. Under the agreement,
holders of a majority of shares held by TBI or any of its affiliates may
require the Issuer to effect the registration of their shares from time to
time. In addition, the stockholders party to the agreement have "piggyback"
registration rights to include their shares in any registration statement the
Page 10 of 11
Issuer files on its behalf (other than for employee benefit plans and other
exceptions) or on behalf of other stockholders. The Issuer is required to pay
all registration expenses in connection with any demand or piggyback
registrations. TBI is also party to the Underwriting Agreements filed as
exhibits 2, 3, 4 and 5 hereto pursuant to which TBI sold shares of Common
Stock and agreed to certain restrictions on its ability to sell and make
certain other dispositions of Common Stock for the time periods specified
therein.
Item 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit 1 The Registration Rights Agreement dated as of September 6,
2002 by and among WellCare Holdings, LLC, a Delaware limited
liability company; Soros Private Equity Investors LP;
Pinnacle Health Investors, L.L.C.; Sorrento Investment Group
LLC; Randolph Street Partners V - Fourth Venture; Karl S.
Okamoto; and Todd S. Farha, incorporated by reference to
Exhibit 10.13 to the Issuer's Registration Statement on Form
S-1 filed on February 13, 2004.
Exhibit 2 Underwriting Agreement, incorporated by reference to Exhibit
1.1 to the Issuer's Current Report on Form 8-K filed on
March 9, 2006.
Exhibit 3 Form of Underwriting Agreement, incorporated by reference to
Exhibit 1.1 to the Issuer's Registration Statement on Form
S-1 filed on June 28, 2005.
Exhibit 4 Form of Underwriting Agreement, incorporated by reference to
Exhibit 1.1 to the Issuer's Registration Statement on Form
S-1 filed on December 15, 2004.
Exhibit 5 Form of Underwriting Agreement, incorporated by reference to
Exhibit 1.1 to the Issuer's Registration Statement on Form
S-1 filed on June 29, 2004.
Exhibit 6 Joint Filing Agreement, incorporated by reference to Exhibit
4 to the Reporting Persons Schedule 13D filed on April 25,
2005.
Exhibit 7 Powers of Attorney, incorporated by reference to Exhibit 5
to the Reporting Persons Schedule 13D filed on April 25,
2005.
CUSIP No. 94946T106 Page 11 of 11
Signature
After reasonable inquiry and to the best of each of the undersigned's
knowledge and belief, each of the undersigned certify that the information set
forth in this statement is true, complete and correct.
TOWERBROOK INVESTORS L.P.
By: TCP General Partner L.P.
Its: General Partner
By: TowerBrook Capital Partners LLC
Its: General Partner
By: /s/ Jennifer Glassman
---------------------------------
Name: Jennifer Glassman
Title: Attorney-in-Fact
TCP GENERAL PARTNER L.P.
By: TowerBrook Capital Partners LLC
Its: General Partner
By: /s/ Jennifer Glassman
---------------------------------
Name: Jennifer Glassman
Title: Attorney-in-Fact
TOWERBROOK CAPITAL PARTNERS LLC
By: /s/ Jennifer Glassman
---------------------------------
Name: Jennifer Glassman
Title: Attorney-in-Fact
/s/ Ramez Sousou
----------------------------------------
Ramez Sousou
/s/ Neal Moszkowski*
----------------------------------------
* By: /s/ Jennifer Glassman
As attorney-in-fact
Date: August 9, 2006