CIGNA Corp. has announced a tender offer for $350 million in senior notes due in 2019 that pay a rate of 8.5%.

CIGNA, Philadelphia (NYSE:CI), says the offer will expire at 11:59 p.m. EST Dec. 7.

The purchase price will be determined by a process based on a comparison with a fixed spread of 1 percentage point over the yield of 2.625% U.S. Treasury Notes due Nov. 15, 2020, calculated at 2 p.m. Dec. 7, the company says.

- Allison Bell