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Coventry Completes First Health Deal

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NU Online News Service, Jan. 28, 2005, 5:02 p.m. EST

A Bethesda, Md., managed care company says it has closed on a previously announced acquisition.[@@]

The company, Coventry Health Care Inc., has paid a total of $1.8 billion in cash and stock to buy First Health Group Corp., Downers Grove, Ill.

To finance some of the cost of the deal, Coventry took out a $300 million, 5-year loan; placed $250 million in notes; and set up a $150 million credit facility.