Centene Corp., a publicly traded carrier, is raising capital by selling 5 million shares of common stock to the public.
Centene, St. Louis, (NYSE:CNC), is a Medicaid managed care company with about 45 million shares of common stock outstanding. The stock has been selling for a price of about $18 to $22 per share for most of the past year.
Centene is making the follow-on offering through a team of 4 underwriters and 3 co-managers. The Merrill Lynch unit of Bank of America Corp., Charlotte, N.C., is leading the underwriting team. The underwriting team has an option to buy up to 750,000 in additional shares to cover any overallotments.
Centene wants to use the proceeds of the offering to pay off existing debts and for general corporate purposes, the company says.
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