Coventry Health Care $175 million 10-year notes to go on the road Jan. 7

By Paul A. Harris

St. Louis, Mo., Dec. 19 - Coventry Health Care will begin the roadshow for its offering of $175 million of 10-year senior notes on Jan. 7, a syndicate source told Prospect News.

Pricing is expected on Jan. 24. The notes will be non-callable for five years and sold as a Rule 144A offering.

Salomon Smith Barney is bookrunner for the deal, the source said, adding that other syndicate members will likely emerge.

In a recent press release, Coventry announced that the proceeds from the notes would be used to purchase equity shares and the warrant owned by Principal Health Care.

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