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November 18, 2002 at 07:00 PM
NU Online News Service, Nov. 18, 10:43 a.m. – PacifiCare Health Systems Inc., Cypress, Calif., a managed care company, says it will be trying to raise $100 million by selling convertible subordinated debentures to institutional investors through a private placement.
A debenture is an unsecured debt security. The terms of the new PacifiCare debenture sale will give the purchasers of the first $100 million in debentures an option to buy another $25 million in debentures, PacifiCare says.
The holders will be able to convert the debentures into shares of PacifiCare common stock in October 2032.
PacifiCare plans to use some of the proceeds for general corporate purposes, and some to pay off other debts and back its current credit arrangements.
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