WellCare Announces Closing of $750 Million of Senior Notes
WELLCARE HEALTH PLANS (WCG)
Last wellcare health plans earnings: 10/30 06:00 am
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US:NYSE Investor Relations:
ir.wellcare.com
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Source: PR Newswire
TAMPA, Fla., Aug. 14, 2018 /PRNewswire/ -- WellCare Health Plans, Inc. (NYSE: WCG) announced today that on August 13, 2018 it completed an offering of $750 million aggregate principal amount of 5.375% senior notes due 2026 (the "notes"). The notes were issued at 100.0% and bear interest at 5.375%. Interest will be payable semi-annually in arrears on February 15 and August 15 of each year, commencing on February 15, 2019. The notes will mature on August 15, 2026. WellCare expects to use the net proceeds from the offering of the notes to fund a portion of the cash consideration for its previously announced acquisition of Meridian Health Plan of Michigan, Inc., Meridian Health Plan of Illinois, Inc. and MeridianRx, a pharmacy benefit manager (collectively, "Meridian"), to pay related fees and expenses and for general corporate purposes. If the acquisition is not completed for any reason, WellCare will be required to redeem the notes, in whole, at a redemption p
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