A managed care giant has prepared for a potentially turbulent year by securing access to cash.
UnitedHealth Group Inc., Minnetonka, Minn., says it has set up a $7.5 billion credit revolving credit facility.
The co-syndication agents for the 364-day credit facility are units of JPMorgan Chase & Company, New York; Citigroup Inc., New York; and Bank of America Corp., Charlotte, N.C.
Units of those companies also are acting as joint lead arrangers and joint bookrunners for the deal, according to UnitedHealth.
A review team hired by the UnitedHealth board announced Sunday that UnitedHealth has had poor systems in place for managing stock options and may have backdated stock option grant dates.
Rating agencies have suggested that UnitedHealth may need extra cash to deal with fines and litigation related to the stock option program findings.