Foundation Health closes on $300 million credit facility.RANCHO CORDOVA, Calif.--(BUSINESS WIRE)--Dec. 7, 1994-- Foundation Health Corp. (NYSE NYSE See: New York Stock Exchange :FH) Wednesday reported that it has closed on a new five-year $300 million unsecured revolving credit facility which may be used for various strategic corporate purposes. "This stand-by credit facility provides management with additional cost-effective resources which may be drawn upon to support the continued growth, expansion and integration of our Company," said Daniel D. Crowley, president and chief executive officer of Foundation Health Corp. "As a $2.4 billion company with managed care operations in 15 states, we believe Foundation Health Corporation should have a variety of resources available to support its continued growth." The lead agent for the credit facility is Citicorp USA, Inc. Co-agents are Wells Fargo Bank, N.A. and NationsBank of Texas, N.A. Other participating banks are Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. N.T. & S.A., Bank of California The Bank of California was founded in San Francisco, California on July 5, 1864 by William Chapman Ralston. It was the first commercial bank in the Western United States, the second-richest bank in the nation, and considered instrumental in developing the American Old West. , The Fuji Bank, Ltd., The Bank of Nova Scotia, The Chase Manhattan Bank The Chase Manhattan Bank, now part of JPMorgan Chase, was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955. The bank is headquartered in New York City. , N.A., Credit Lyonnais, The Long-Term Credit Bank of Japan Long-Term Credit Bank of Japan (日本長期信用銀行 , Ltd., Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., and Nippon Credit Bank. Foundation Health Corp. is a fully integrated managed care organization with headquarters in Rancho Cordova. Through its subsidiaries the company offers group, individual, Medicare and Medicaid Medicare and Medicaid U.S. government programs in effect since 1966. Medicare covers most people 65 or older and those with long-term disabilities. Part A, a hospital insurance plan, also pays for home health visits and hospice care. HMO plans; government sponsored managed care programs; administrative services for self-funded benefits programs and medical groups; and managed care products related to workers' compensation, behavioral health, dental, vision and prescription drugs. CONTACT: Foundation Health Corp., Rancho Cordova
Jeffrey L. Elder, 916/631-5381
Kurt Davis, 916/631-5288
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