A managed care company is preparing to raise cash.

Health Net Inc., Woodland Hills, Calif., says it has priced a public offering of $300 million in senior notes due in 2017.

The notes will pay a fixed rate of interest of 6.375% for 10 years.

Health Net will use the proceeds to pay off a $300 million term loan that is scheduled to come due June 23, 2011, the company says.