May 18 2011
Centene Corporation (NYSE: CNC) ("Centene") today announced that on May 17, 2011 it priced $250 million aggregate principal amount of its senior notes in a public offering made pursuant to a registration statement and a related preliminary prospectus supplement filed by Centene with the Securities and Exchange Commission ("SEC"). The underwriters were led by Barclays Capital and Wells Fargo Securities, with Morgan Keegan, SunTrust Robinson Humphrey, Allen & Company LLC and Morgan Stanley as co-managers of the offering. The notes will be issued at 98.753% and bear interest at 5.75%, resulting in a yield of 6.0%. The notes mature on June 1, 2017, with a first interest payment date of December 1, 2011. The offering is expected to close on or about May 27, 2011. The issuance of the notes will be subject to customary closing conditions.
Centene intends to use the net proceeds of the offering to redeem its 7-1/4% senior notes due 2014, including payment of the call premium thereon, to repay amounts outstanding under its revolving credit facility and to pay related fees and expenses. The remainder of the proceeds will be used for general corporate purposes.
SOURCE Centene Corporation