Molina Healthcare Inc. on March 5 priced a synthetic exchange transaction with some of the noteholders of its 1.625% convertible senior notes due 2044.
The company agreed to repurchase $96.8 million of the notes and simultaneously issue to the noteholders an aggregate 1,768,177 common shares. It will receive no proceeds but will pay the related fees and expenses. There will be no material impact to Molina's cash position.
SunTrust Robinson Humphrey Inc. served as sole exchange agent and the company's financial adviser.
