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Centene unit upsizes, prices debt offering

Centene Corp. unit Centene Escrow I Corp. priced an offering of $1.8 billion of 5.375% senior notes due 2026.

The offering was upsized from the previously announced $1.7 billion. The offering is expected to result in aggregate gross proceeds of $1.8 billion.

The offering is expected to close on or about May 23, subject to closing conditions.

Centene Escrow will initially deposit the gross proceeds from the offering, along with certain additional funds, into a segregated escrow account.

As earlier disclosed, Centene intends to use the net proceeds of the offering to finance a portion of the cash consideration for its pending acquisition of the assets of Fidelis Care, to pay related fees and expenses, and for general corporate purposes, including the repayment of outstanding debt.

New York State Catholic Health Plan Inc. does business as Fidelis Care New York.