Amerigroup talks $450 million eight-year notes with 7% area yield

By Paul A. Harris

Portland, Ore., Nov. 8 - Amerigroup Corp. talked its $450 million offering of eight-year senior notes (Ba3/BB+) with a yield in the 7% area on Tuesday, according to an informed source.

The order books close at 2 p.m. ET on Wednesday, and the deal is set to price on Wednesday afternoon or Thursday morning.

Goldman Sachs & Co. is the bookrunner.

The notes, which have been registered with the Securities and Exchange Commission, come with four years of call protection.

The Virginia Beach, Va.-based managed health care company plans to use the proceeds to prefund its existing convertible notes and for general corporate purposes.

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