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February 25, 2003 at 07:00 PM
NU Online News Service, Feb. 25, 8:59 a.m. – Sierra Health Services Inc., Las Vegas, says it is setting up a new $65 million revolving credit facility and preparing to borrow more than $100 million in additional capital by issuing unsecured bonds.
Sierra, a large managed care company, has hired a unit of Bank of America Corp., Charlotte, N.C., to arrange the new credit facility, which will replace an existing facility that is set to expire Sept. 30.
A revolving credit facility is the corporate version of a credit card account.
The new facility will expire in 2006, and the initial interest rate will be 2.25 percentage points over the London Interbank Offered Rate, Sierra says.
