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PacifiCare To Borrow $200 Million

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NU Online News Service, May 14, 11:47 a.m. – PacifiCare Health Systems Inc., Santa Ana., Calif., says it will be borrowing $200 million by placing notes due in 2009 with an institutional investor.

Because the managed care company is offering the notes through a private placement, rather than selling them on the open market to the general public, the notes are exempt from federal securities registration requirements, the company says.

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PacifiCare says it hopes to use the cash it raises from the new notes to pay off other debts.