Health Net to amend 6 3/8% notes due 2017 for merger with Centene

By Susanna Moon

Chicago, Aug. 3 – Health Net, Inc. said it began a consent solicitation for its 6 3/8% senior notes due 2017.

The company is seeking to amend the note terms so that its planned merger with subsidiaries of Centene Corp. will not constitute a change of control, according to a company press release.

Holders who deliver consents will receive $2.50 for each $1,000 principal amount, with the cash payment subject to the company obtaining consents for a majority of the outstanding notes.

The consent solicitation will end at 5 p.m. ET on Aug. 12.

Health Net is soliciting consents from holders of record as of 5 p.m. ET on July 31.

The issuer is a Woodland Hills, Calif., managed health care company.

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