WellCare Announces Pricing 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. 8, 2018 /PRNewswire/ -- WellCare Health Plans, Inc. (NYSE: WCG) announced today that it priced an offering of $750 million aggregate principal amount of 5.375% senior notes due 2026 (the "notes"). The notes will be issued at 100.0%, and bear interest at 5.375%. The first interest payment date for the notes will be February 15, 2019. The notes mature on August 15, 2026. The offering is expected to close on or about August 13, 2018, subject to customary closing conditions. WellCare intends to use the net proceeds from the offering 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
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