LONG BEACH, Calif.--(BUSINESS WIRE)--Mar. 6, 2018--
Molina Healthcare, Inc. (NYSE: MOH) (the “Company”) today announced that
on March 5, 2018, it priced a synthetic exchange transaction with a
limited number of holders (the “Noteholders”) of its 1.625% Convertible
Senior Notes due 2044 (the “1.625% Notes”) pursuant to which the Company
has agreed to repurchase from the Noteholders an aggregate of
$96,785,000 principal amount of the 1.625% Notes (collectively, the
“Note Repurchases”) and simultaneously issue to the Noteholders an
aggregate of 1,768,177 shares (the “Shares”) of its common stock
(collectively, the “Share Issuances” and, together with the Note
Repurchases, the “Transactions”) in privately negotiated transactions.
SunTrust Robinson Humphrey, Inc. acted as Sole Exchange Agent and
Financial Advisor to the Company for the Transactions.
On a net basis, the Company will not receive any proceeds from the
Transactions and will pay customary fees and expenses in connection
therewith. Therefore, the Transactions will not have a material impact
on the Company’s cash position.
This press release shall not constitute an offer to sell or a
solicitation of an offer to purchase the Shares and shall not constitute
an offer, solicitation or sale in any state or jurisdiction where such
offer, solicitation or sale is prohibited.
About Molina Healthcare
Molina Healthcare, Inc., a FORTUNE 500 company, provides managed health
care services under the Medicaid and Medicare programs and through the
state insurance marketplaces. Through its locally operated health plans,
Molina Healthcare serves approximately 4.5 million members. For more
information about Molina Healthcare, please visit our website at molinahealthcare.com.
Cautionary Statement under the Private Securities Litigation
Reform Act: This press release contains “forward-looking
statements,” including statements related to the Note Repurchases and
Share Issuances, which are subject to risks and uncertainties,
including, without limitation, risks related to whether the Company will
consummate the Transactions on the expected terms, or at all, and market
and other general economic conditions. A discussion of the risk factors
facing the Company can be found in its annual report on Form 10-K for
the year ended December 31, 2017, in its Form 10-Q quarterly reports, in
its Form 8-K current reports, and in its other reports and filings with
the SEC. These reports can be accessed on the SEC’s website at www.sec.gov.
The Company undertakes no obligation to release any revisions to any
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Source: Molina Healthcare, Inc.
Molina Healthcare, Inc.
Ryan Kubota, 562-435-3666