Aetna plans to price $2 billion of senior notes in three tranches

By Andrea Heisinger

New York, Nov. 2 - Aetna Inc. is preparing a $2 billion offering of senior notes (Baa1/A-/A-) in three tranches, according to a market source and a filing with the Securities and Exchange Commission.

The offering is being handled by active bookrunners Goldman Sachs & Co. and UBS Securities LLC. Passive bookrunners are J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and RBS Securities Inc.

Proceeds will be used to finance a part of the cash portion of the purchase price of a merger with Coventry Health Care Inc. for $7.3 billion.

There is a mandatory call at 101 if the merger isn't completed by Nov. 19, 2013.

Aetna was last in the market with a $750 million sale of notes in two parts on May 1, 2012.

The diversified health care benefits company is based in Hartford, Conn.

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