Coventry Health Care Prices Senior Notes Offering.BETHESDA, Md. -- Coventry Health Care Coventry Health Care, Inc. (Coventry) (NYSE: CVH) is a managed health care company in the United States. On February 8th of 2007 Coventry agreed to acquire Concentra's Workers Compensation Managed Care Services Businesses. External links
See: New York Stock Exchange :CVH CVH Helicopter Carrier CVH Compound-valve-angle Hemispherical Combustion-chamber (Ford cylinder head design and family of engines) CVH Compound Valve Angle Hemispheral Combustion Chamber CVH continuous venous hemodialysis ) announced today that it has priced a $400 million offering of 6.30% coupon rate Coupon rate In bonds, notes, or other fixed income securities, the stated percentage rate of interest, usually paid twice a year. senior unsecured notes due 2014. The notes will rank equal in right of payment to all of Coventry's existing and future senior debt, including its existing 5.875% senior notes due 2012, 6.125% senior notes due 2015, 5.95% senior notes due 2017, and existing credit facility. Standard & Poor's Ratings Services assigned its "BBB BBB A medium grade assigned to a debt obligation by a rating agency to indicate an adequate ability to pay interest and repay principal. However, adverse developments are more likely to impair this ability than would be the case for bonds rated A and above. " senior unsecured debt rating, Fitch Ratings assigned its "BBB-" senior unsecured debt rating, and Moody's Investors Service Moody's Investors Service A leading global credit rating, research and risk analysis firm. Moody's Investors Service A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. assigned its "Ba1" senior unsecured debt rating to the notes. Coventry will use the net proceeds of the offering for general corporate purposes, which may include retiring existing indebtedness, acquisitions (including the planned acquisition of Florida Health Plan Administrators, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , owner of Vista Healthplans), repurchases of the Company's capital stock, additions to working capital, and capital expenditures. Goldman, Sachs & Co., Citi Markets & Banking, and J.P. Morgan Securities Inc. acted as Joint Bookrunners and RBS RBS Royal Bank of Scotland RBS Role Based Security RBS Rollback Segment RBS Rare Book School (University of Virginia) RBS Rural Business Cooperative Service RBS Ribosome Binding Site (genetics) Greenwich Capital acted as Co-Manager. This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any of these securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. A copy of the prospectus relating to this offering can be obtained by calling Goldman, Sachs & Co. at 866-471-2526, Citi Markets & Banking at 877-858-5407, or J.P. Morgan Securities Inc. at 212-834-4533. This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements are defined as statements that are not historical facts and include those statements relating to future events or future financial performance. Actual performance may be significantly impacted by certain risks and uncertainties, including those described in Coventry's Annual Report on Form 10-K for the year ended December 31, 2006 and Coventry's Form 10-Q for the quarter ended June 30, 2007. Coventry undertakes no obligation to update or revise any forward-looking statements. Coventry Health Care (www.cvty.com) is a diversified national managed healthcare company based in Bethesda, Maryland, operating health plans, insurance companies, network rental and workers' compensation services companies. Through its Commercial Business, Individual Consumer & Government Business, and Specialty Business divisions, Coventry provides a full range of risk and fee-based managed care products and services to a broad cross section of individuals, employer and government-funded groups, government agencies, and other insurance carriers and administrators. |
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