HealthSpring sets Tuesday launch for $400 million credit facility

By Sara Rosenberg

New York, Sept. 10 - HealthSpring, Inc. is scheduled to hold a bank meeting on Tuesday to launch its proposed $400 million senior secured credit facility, according to a market source.

Goldman Sachs is the lead bank on the deal.

The facility consists of a $100 million revolver and a $300 million term loan A, the source said, adding that price talk will emerge at the launch.

Proceeds will be used to help fund the acquisition of Leon Medical Centers Health Plans, Inc., a Miami-based Medicare Advantage HMO with over 25,700 members, for $355 million in cash at closing.

HealthSpring is a Nashville, Tenn.-based managed care organization whose primary focus is the Medicare Advantage market.

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