Molina Healthcare to repay bank borrowings with common stock proceeds

By Sara Rosenberg

New York, Aug. 4 - Molina Healthcare Inc. plans on repaying outstanding debt under its $200 million senior secured credit facility using proceeds from an offering of 4 million shares of common stock, according to a news release.

Remaining proceeds will be used for general corporate purposes.

Molina Healthcare is a Long Beach, Calif.-based provider of Medicaid-related services to meet the health care needs of low-income families and individuals and to assist state agencies in their administration of the Medicaid program.

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