Two Sierra Health debenture holders agree to convert early

New York, May 24 - Sierra Health Services, Inc. negotiated deals with two holders of its 2¼% senior convertible debentures due 2023, converting their securities into Sierra common stock, the company announced in an 8-K filed Tuesday with the Securities and Exchange Commission.

To encourage early conversion, both investors received cash incentives in addition to Sierra common stock on regular terms.

Thursday, one holder converted $5 million of debentures to 273,373 shares of common stock and $112,500 in cash.

Monday, another investor converted $9 million of debentures to 492,072 shares of the Las Vegas-based managed healthcare organization's common stock and $225,000 in cash.

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