Sierra Health exchanges $10 million of convertibles for stock

New York, Sept. 20 - Sierra Health Services, Inc. said it agreed to exchange $10 million of its 2¼% convertible senior debentures due 2023 for 546,747 shares of common stock plus $228,125 in cash for accrued interest.

The stock was issued at the debentures' conversion rate.

Las Vegas-based Sierra, a provider of managed health care programs, said the transaction was privately negotiated, according to an 8-K filing with the Securities and Exchange Commission.

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