Friday, Centene Corp. (CNC) priced its previously announced follow-on public offering of 5 million shares of its common stock at a public offering price of $19.25 per share. The company granted the underwriters a 30-day option to purchase up to an additional 750,000 shares at the public offering price to cover any over-allotments. The offering is scheduled to close on January 27, 2010.
The company intends to use the net proceeds of the offering 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.
Centene Corp. operates as a multiline healthcare company in the United States. It operates through two segments, Medicaid Managed Care and Specialty Services.
For comments and feedback: editorial@rttnews.com