WellCare Health redeems $900 million 5¾% notes due 2020 at 102.875

By Wendy Van Sickle

Columbus, Ohio, April 10 – WellCare Health Plans, Inc. redeemed its $900 million of 5¾% senior notes due 2020 on Friday at 102.875% of par plus accrued interest, according to an 8-K filing with the Securities and Exchange Commission.

The total cash amount paid to redeem the notes was $946.3 million, which included the call premium of $25.9 million and accrued interest of $20.4 million.

The company used proceeds of its $1.2 billion issue of senior notes due 2025, which settled on March 22, to finance the redemption.

WellCare is a Tampa, Fla.-based Medicaid managed care provider.

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