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Centene redeeming senior notes

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Centene redeeming senior notes

Centene Corp. has issued a redemption notice for all $1.40 billion of its 5.625% senior notes due 2021.

The notes will be redeemed on Oct. 11 at a redemption price equal to 101.4063% of the principal amount, plus accrued and unpaid interest. The notes will cease to accrue on and after the redemption date.

To fund the redemption of the notes, the company amended its existing credit agreement to provide a new $1.45 billion unsecured delayed-draw term loan facility. This is in addition to the existing $2.0 billion unsecured multicurrency revolving credit facility already available to Centene.

Borrowings under the term loan facility will bear interest at the London Interbank Offered Rate, or base rates plus an applicable margin. The facility will mature on Sept. 11, 2022.

Any remaining proceeds will be used for general corporate purposes.