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WellCare closes $750M note offering

WellCare Health Plans Inc. completed an offering of $750 million of 5.375% senior notes due Aug. 15, 2026.

Interest will be payable semi-annually on Feb. 15 and Aug. 15 of each year, starting Feb. 15, 2019.

The company plans to use the net proceeds to fund a portion of the cash consideration for its acquisition of Meridian Health Plan of Michigan Inc., Meridian Health Plan of Illinois Inc. and pharmacy benefit manager MeridianRx, to pay related fees and expenses, and for general corporate purposes.

If the acquisition is not completed, WellCare will be required to redeem the notes, in whole, at a redemption price equal to 100% of the principal amount of the notes, plus accrued and unpaid interest.