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Health Care Service holders tender $143.71 million 4.7% notes due 2021
By Susanna Moon
Chicago, July 18 – Health Care Service Corp. said investors had tendered $143,709,000 of its $500 million of 4.7% notes due 2021 in the offer that ended at 5 p.m. ET on July 15.
Health Care Service expects to settle the offer on July 18, according to the company update.
The company will pay $1,122.16 per $1,000 principal amount of notes plus accrued interest up to but excluding the settlement date, as previously announced.
Pricing was set at 11 a.m. ET on July 15 using the yield of the 1.125% Treasury due June 30, 2021 plus 70 basis points for a benchmark rate of 1.153%.
The company previously said it will fund the offer with existing cash.
The company said it was making the offer to reduce its debt through the early repayment of medium-term maturing bonds.
The dealer manager is J.P. Morgan Securities LLC (866 834-4666 or 212 834-3424). The information agent and tender agent is D.F. King & Co. Inc. (866 829-0135, 212 269-5550, hcsc@dfking.com or dfking.com/hcsc).
Health Care Service is a health insurer based in Chicago.
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