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Friday, Mar 29, 2024

Health Net to Refinance Senior Notes

The Woodland Hills-based managed health care company Health Net Inc. has started a series of transactions to refinance its $400 million Senior Notes due 2011. Health Net entered into a bridge loan facility with the Bank of Nova Scotia and Morgan Chase Bank to provide an aggregate of $500 million of gross proceeds, which the company used to purchase U.S. Treasury securities. It then used the securities as collateral to secure the Senior Notes and to provide sufficient funds to make all of the remaining principal and interest payments. Health Net serves about 6.6 million clients in the U.S. and is one of the country’s largest publicly traded managed health care company.

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