Centene begins cash tender offer for 4¾% senior notes due 2025

By Taylor Fox

New York, Feb. 10 – Centene Corp. began a cash tender offer for any and all of its $2.2 billion outstanding 4¾% senior notes due 2025 (Cusips: 15135BAJ0, 1513BAP6, 15135BAN1, U13905AF8), according to a news release.

The offer will expire at 5 p.m. ET Feb. 17.

Holders who tender notes prior to the expiration or under guaranteed delivery procedures will receive $1,025.85 per $1,000 of notes, plus interest.

The settlement date is expected for Feb. 22.

Tenders may be withdrawn at any time prior to the earlier of the expiration time or, if the offer is extended, the 10th business day after the start of the offer. Notes tendered may also be withdrawn at any time after 60 business days from the start of the tender offer if the offer has not been completed within 60 days.

The offer is subject to some conditions, including completion of an offering of $2.2 billion of senior notes due 2031, which is expected to close on Feb. 17. However, the new notes offering is not conditioned on the completion of the tender offer.

Any notes not tendered for purchase will be redeemed.

BofA Securities (980 388,0539; debt_advisory@bofa.com) is the dealer manager, and Global Bondholder Services Corp. (212 430-3774, 866 470-4200; contact@gbsc-usa.com) is the tender agent and information agent.

Centene is a St. Louis-based health care enterprise. Magellan Health is a Phoenix-based managed health care company.

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