Oxford Health obtaining $450 million credit facility

By Sara Rosenberg

New York, April 1 - Oxford Health Plans Inc. received commitments for and is currently syndicating a $450 million credit facility. The loan is expected to close by the end of the month.

The facility consists of a $400 million six-year term loan and a $50 million revolver, according to a news release.

Proceeds will be used to fund the company's $208 million obligation on the previously announced $225 million settlement of the 1997 securities class action litigation, to refinance approximately $120 million of existing debt and for general corporate purposes.

Oxford is a Trumbull, Conn. healthcare company.

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