UnitedHealth Group Inc. (NYSE:UNH) is using cash on hand and the proceeds from the issuance of commercial paper to buy back some of its short-term and intermediate-term debt securities.
UnitedHealth, Minnetonka, Minn., will be using a "Dutch auction" process to repay about $200 million in short-term notes and $550 million in intermediate-term notes.
UnitedHealth "believes this proposed debt repurchase will improve the matching of floating-rate assets and liabilities on its balance sheet and reduce its debt service cost," the company says.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.