Aug 5 2010
Molina Healthcare, Inc. (NYSE: MOH) today announced that it has commenced an underwritten public offering of 4,000,000 shares of its common stock. In connection with the offering, Molina Healthcare and the selling stockholder intend to grant the underwriters an option to purchase up to 350,000 shares and 250,000 shares, respectively, to cover overallotments, if any. The offering is being conducted pursuant to an effective registration statement filed with the Securities and Exchange Commission (the "SEC") on December 8, 2008.
Molina Healthcare intends to use the net proceeds of the offering to repay the outstanding indebtedness under its $200 million senior secured credit facility and for general corporate purposes. Molina Healthcare will not receive any proceeds from any sale of shares by the selling stockholder.
BofA Merrill Lynch and J. P. Morgan Securities Inc. are acting as joint book-running managers for the offering. UBS Securities LLC, Mitsubishi UFJ Securities (USA), Inc. and Stifel, Nicolaus & Company, Incorporated will be the co-managers of the offering.
SOURCE Molina Healthcare, Inc.
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