NU Online News Service, Jan. 14, 11:13 a.m. – WellPoint Health Networks Inc., Thousand Oaks, Calif., says it has completed borrowing $350 million from investors by issuing notes.
The notes, which are due in 2012, pay an interest rate of 6.375%.
The notes were sold at a price of 99.687% for each $1,000 of principal, WellPoint says.
WellPoint, a large managed care company, says it will use the sale proceeds to finance its proposed acquisition of RightCHOICE Managed Care Inc., St. Louis, and part to pay off revolving credit debt.
J.P. Morgan Securities Inc., New York, and Deutsche Banc Alex. Brown Inc., Baltimore, were the joint managers of the note offering.