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PACIFICARE HEALTH SYSTEMS REDUCES SIZE OF PUBLIC OFFERING

      PACIFICARE HEALTH SYSTEMS REDUCES SIZE OF PUBLIC OFFERING
    CYPRESS, Calif., July 16 /PRNewswire/ -- PacifiCare Health Systems Inc. (NASDAQ: PHSYA, PHSYB) announced today that it has reduced the size of its proposed public offering of non-voting class B common stock from 6 million shares to 3 million shares and is circulating a revised prospectus.  Company officials stated that the decision to reduce the size of the offering was based on unfavorable market conditions.
    Fifty percent of the offering will still be sold by the company's majority shareholder, UniHealth America, which would also participate equally in the underwriters' over-allotment option of 450,000 shares. The company's proceeds of the offering will be used to repay bank debt, increase working capital, and for general corporate purposes. The company will receive no proceeds from the sale of shares by UniHealth America.  A copy of the revised prospectus may be obtained from PaineWebber Inc., Prospectus Department at 212-713-2000.
    PacifiCare Health Systems owns and operates HMOs in California, Oklahoma, Oregon, Texas and Washington.  The company also operates Secure Horizons, one of the nation's largest and fastest growing Medicare risk programs.  Other operations include Columbia General, an insurance subsidiary licensed in 34 states;  Pacific Review Services, an independent medical utilization review and case management company; and LifeLink, a behavioral health managed care company.
    A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective.  These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.  This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
    -0-                     7/16/92
    /CONTACT:  Wayne Lowell, CFO of PacifiCare, 714-952-1121; or David K. Erickson of David Erickson Investor Relations, 714-229-2636, for PacifiCare/
    (PHSYA PHSYB) CO:  PacifiCare Health Systems Inc. ST:  California IN:  HEA SU:  OFR KJ -- LA020 -- 9827 07/16/92 14:00 EDT
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Publication:PR Newswire
Date:Jul 16, 1992
Words:358
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