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Centene further extends tender offer for WellCare notes

Centene Corp. has further extended the offering period for two series of notes issued by WellCare Health Plans Inc.

The offer was previously scheduled to expire at 5 p.m. ET on Dec. 18. It has now been extended until 5 p.m. ET on Jan. 8, 2020.

As of the previous deadline, $1.14 billion of the $1.20 billion of 5.25% senior notes due 2025 had been validly tendered. Also, $746.0 million of $750.0 million of 5.375% senior notes due 2026 had been validly tendered. The notes are to be exchanged for up to $1.95 billion of new Centene notes and cash.

The settlement date for the exchange offers is expected to occur after the deadline and immediately prior to the closing of Centene's proposed acquisition of WellCare, which is anticipated to take place by the first half of 2020. The deadline may be further extended one or more times.