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Molina enters commitment letter for $550M bridge facility

Molina Healthcare Inc. on Dec. 4 entered into a commitment letter under which SunTrust Bank and SunTrust Robinson Humphrey Inc. will provide it with a 364-day unsecured senior bridge facility or an eight-year unsecured senior bridge facility of up to $550.0 million.

Molina may use the facility to fund satisfying conversions of its 1.125% cash convertible senior notes due 2020, satisfying and/or refinancing debts incurred to satisfy conversions of the 1.125% notes and repaying or refinancing the company's existing revolving credit facility.