Printer Friendly

PACIFICARE HEALTH SYSTEMS ANNOUNCES PUBLIC OFFERING

 PACIFICARE HEALTH SYSTEMS ANNOUNCES PUBLIC OFFERING
 CYPRESS, Calif., June 8 /PRNewswire/ -- PacifiCare Health Systems,


Inc. (NASDAQ: PHSYA) announced today that its board of directors has authorized a public offering of 6 million shares of non-voting class B common stock. Of the 6 million total shares to be offered, 3 million shares will be issued by the company and 3 million shares will be sold by UniHealth America, the company's majority shareholder. An additional 900,000 shares, subject to the underwriters' over-allotment option, would be offered equally by the company and UniHealth America. 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.
 The proposed sale to the public is expected to commence in late June. The managing underwriters for the offering are PaineWebber Inc.; Dillon, Read & Co. Inc. and Dean Witter Reynolds Inc. A copy of the 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- 6/8/92
 /CONTACT: Wayne Lowell, CFO of PacifiCare, 714-952-1121; or David K. Erickson, manager, investor relations, for PacifiCare, 714-229-2636/
 (PHSYA) CO: PacifiCare Health Systems Inc. ST: California IN: HEA SU:


CH -- LA021 -- 8041 06/08/92 15:30 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 8, 1992
Words:374
Previous Article:KAUFMANN'S ESTABLISHES MINORITY SCHOLARSHIP AT THE UNIVERSITY OF PITTSBURGH
Next Article:HICKOK ELECTRICAL NAMES PURCELL, BAUMAN TO TOP POSTS
Topics:


Related Articles
PACIFICARE HEALTH SYSTEMS REDUCES SIZE OF PUBLIC OFFERING
PACIFICARE HEALTH SYSTEMS COMPLETES PUBLIC OFFERING
PACIFICARE HEALTH SYSTEMS ANNOUNCES PUBLIC OFFERING
PACIFICARE HEALTH SYSTEMS FILES REGISTRATION STATEMENT FOR PROPOSED PUBLIC OFFERING
PACIFICARE HEALTH SYSTEMS COMPLETES PUBLIC OFFERING
PACIFICARE HEALTH SYSTEMS FILES REGISTRATION STATEMENT FOR PROPOSED PUBLIC OFFERING OF CLASS A COMMON STOCK
PACIFICARE HEALTH SYSTEMS ANNOUNCES PUBLIC OFFERING
PacifiCare Signs Second Long-Term Contract With CalPERS; CalPERS Gives PacifiCare 'Gold Star' For Quality, Flexibility and Commitment.
PacifiCare's Public Sector Health Plan Options Offer Choice and Affordability to Public Employees in California.
PacifiCare Health Systems Announces Listing on New York Stock Exchange.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters