Centene Corp. (CNC) announced that it has commenced a follow-on public offering of 5 million shares of its common stock. In addition, the company plans to grant to the underwriters an option to buy up to 750 thousand shares to cover any overallotments.
Centene said it intends to use this offering net proceeds to repay the outstanding indebtedness under its $300 million revolving credit facility and for general corporate purposes, which may include acquisitions, capital expenditures and additions to working capital.
The company noted that the underwriters are led by BofA Merrill Lynch, Goldman, Sachs & Co., J. P. Morgan Securities Inc., and Credit Suisse Securities (USA) LLC. Barclays Capital Inc., Allen & Company LLC, and Stifel, Nicolaus & Company, Inc. will be the co-managers of the offering.
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