PACIFICARE HEALTH SYSTEMS COMPLETES PUBLIC OFFERING
PACIFICARE HEALTH SYSTEMS COMPLETES PUBLIC OFFERING CYPRESS, Calif., July 21 /PRNewswire/ -- PacifiCare Health
Systems Inc. (NASDAQ: PHSYA, PHSYB) announced today that it has completed a public offering of 3 million shares of non-voting class B common stock priced at $23.25 per share. Of the 3 million share total, 50 percent will be issued by the company and 50 percent will be sold by the company's majority shareholder, UniHealth America. Delivery is scheduled for July 27, 1992.
"The completion of this offering represents the culmination of several recent events that, in management's opinion, places PacifiCare Health Systems in a more favorable position than before," said Terry Hartshorn, president and chief executive officer. "The company's recent stock reclassification, stock dividend and this offering, together, will help us to continue to take advantage of the many opportunities in today's health care industry." The company said it will use its portion of the proceeds of the offering to repay bank debt, increase working capital, and for general corporate purposes. PacifiCare Health Systems owns and operates health maintenance organizations 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. -0- 7/21/92 /CONTACT: Wayne Lowell, CFO of PacifiCare Health Systems, 714-952-1121; or David K. Erickson (investors), 714-229-2636/ (PHSYA PHSYB) CO: PacifiCare Health Systems Inc. ST: California IN: HEA SU: OFR KJ -- LA013 -- 1137 07/21/92 09:07 EDT
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|Date:||Jul 21, 1992|
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