Health Net amends revolver, upping letter-of-credit sublimit

By Sara Rosenberg

New York, March 7 -Health Net Inc. amended its revolving credit facility, increasing the letter-of-credit sublimit to $300 million and changing the definition of funded indebtedness so that undrawn letters-of-credit will be excluded from the calculation of the leverage ratio, according to an 8-K filed with the Securities and Exchange Commission Tuesday.

The amendment was completed on March 1.

Bank of America is the administrative agent on the deal.

Health Net is a Woodland Hills, Calif., managed health care company.

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