Molina Healthcare Announces Pricing of Synthetic Exchange Transaction
March 06 2018 - 7:45AM
Business Wire
Molina Healthcare, Inc. (NYSE: MOH) (the “Company”) today
announced that on March 5, 2018, it priced a synthetic exchange
transaction with a limited number of holders (the “Noteholders”) of
its 1.625% Convertible Senior Notes due 2044 (the “1.625% Notes”)
pursuant to which the Company has agreed to repurchase from the
Noteholders an aggregate of $96,785,000 principal amount of the
1.625% Notes (collectively, the “Note Repurchases”) and
simultaneously issue to the Noteholders an aggregate of 1,768,177
shares (the “Shares”) of its common stock (collectively, the “Share
Issuances” and, together with the Note Repurchases, the
“Transactions”) in privately negotiated transactions. SunTrust
Robinson Humphrey, Inc. acted as Sole Exchange Agent and Financial
Advisor to the Company for the Transactions.
On a net basis, the Company will not receive any proceeds from
the Transactions and will pay customary fees and expenses in
connection therewith. Therefore, the Transactions will not have a
material impact on the Company’s cash position.
This press release shall not constitute an offer to sell or a
solicitation of an offer to purchase the Shares and shall not
constitute an offer, solicitation or sale in any state or
jurisdiction where such offer, solicitation or sale is
prohibited.
About Molina Healthcare
Molina Healthcare, Inc., a FORTUNE 500 company, provides managed
health care services under the Medicaid and Medicare programs and
through the state insurance marketplaces. Through its locally
operated health plans, Molina Healthcare serves approximately 4.5
million members. For more information about Molina Healthcare,
please visit our website at molinahealthcare.com.
Cautionary Statement under the Private Securities Litigation
Reform Act: This press release contains “forward-looking
statements,” including statements related to the Note Repurchases
and Share Issuances, which are subject to risks and uncertainties,
including, without limitation, risks related to whether the Company
will consummate the Transactions on the expected terms, or at all,
and market and other general economic conditions. A discussion of
the risk factors facing the Company can be found in its annual
report on Form 10-K for the year ended December 31, 2017, in its
Form 10-Q quarterly reports, in its Form 8-K current reports, and
in its other reports and filings with the SEC. These reports can be
accessed on the SEC’s website at www.sec.gov. The Company
undertakes no obligation to release any revisions to any
forward-looking statements.
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Molina Healthcare, Inc.Ryan Kubota, 562-435-3666Investor
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