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Life Health > Health Insurance > Health Insurance

HealthSpring Completes Offering

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HealthSpring Inc. says it has raised about $301 million by selling 7.5 million shares of common stock to the public and 1.125 million shares to the offering underwriters.

HealthSpring, Nashville, Tenn. (NYSE:HS), a company that runs Medicare Advantage managed care plans with about 300,000 enrollees, says it will use about half of the offering proceeds to pay off debts and about half for “general corporate purposes, which may include acquisitions of similar or complementary businesses.”

The underwriters sold the HealthSpring stock at a price of $35.95 per share, the company says.