Health Net amends revolver to change consolidated EBITDA definition

By Sara Rosenberg

New York, March 4 - Health Net Inc. amended its revolving credit facility, modifying the definition of consolidated EBITDA for the period started Dec. 31, 2004 through Dec. 31, 2005.

The modified definition excludes up to $375 million relating to charges in connection with litigation and provider settlement payments, any increase in medical claims reserves and any premiums relating to the repayment or refinancing of debt, according to an 8-K filed with the Securities and Exchange Commission.

Bank of America is the administrative agent on the deal.

The amendment became effective on March 1.

Health Net is a Woodland Hills, Calif., managed care organization.

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