ST. LOUIS, May 18, 2011 /PRNewswire/ -- 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.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
The offering is being made by means of a prospectus and the related
preliminary prospectus supplement. Before you invest, you should
read the prospectus and the related preliminary prospectus
supplement, the registration statement and other documents that
Centene has filed with the SEC for more complete information about
Centene and this offering. Copies of the prospectus, the
related preliminary prospectus supplement and registration
statement can be obtained at no charge from Barclays Capital Inc.,
c/o Broadridge Integrated Distribution Services, 1155 Long Island
Avenue, New York, NY 11717 or by
telephone at 888-603-5847 or e-mail at
barclaysprospectus@broadridge.com. Investors may also obtain these
and other documents Centene has filed with the Securities and
Exchange Commission for free by visiting the EDGAR system on the
SEC's website at www.sec.gov.
About Centene Corporation
Centene Corporation, a Fortune 500 company, is a leading
multi-line healthcare enterprise that provides programs and related
services to the rising number of under-insured and uninsured
individuals. Many receive benefits provided under Medicaid,
including the State Children's Health Insurance Program (CHIP), as
well as Aged, Blind or Disabled (ABD), Foster Care and long-term care, in addition to
other state-sponsored/hybrid programs, and Medicare (Special Needs
Plans). Centene's CeltiCare subsidiary offers states unique,
"exchange based" and other cost-effective coverage solutions for
low-income populations. The Company operates local health plans and
offers a range of health insurance solutions. It also contracts
with other healthcare and commercial organizations to provide
specialty services including behavioral health, life and health
management, managed vision, telehealth services, and pharmacy
benefits management.
The information provided in this press release contains
forward-looking statements that relate to the public
offering of senior notes, including without limitation, statements
regarding the completion of the offering and the use of
proceeds. Actual events or results may differ
materially from those contained in the forward-looking statements.
The Company's reports to the SEC contain additional
information relating to additional factors that could cause actual
results to differ from these forward-looking statements. The
Company disclaims any obligation to update this forward-looking
financial information in the future.
SOURCE Centene Corporation