Sierra Health Services, Inc. (NYSE:SIE) yesterday announced that it will commence an offer to sell $100 million, with an option for up to an additional $15.0 million, of senior convertible debentures.
Sierra intends to use the net proceeds of the offering to repay all amounts outstanding under its existing credit facility (the current balance outstanding is $34 million), to contribute $35 million to the company's military subsidiary, Sierra Military Health Services, Inc., in furtherance of its bid for the TRICARE Next Generation contract, to repurchase up to $20 million of Sierra's common st...
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