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Insurer Amerigroup to offer $450 M in senior notes

Tue, 11/01/2011 - 12:45pm
The Associated Press

Insurer Amerigroup Corp. said Tuesday it will offer $450 million in senior unsecured notes due in 2019 to repay some outstanding convertible notes due in May.

The Virginia Beach, Va., Medicaid coverage provider said it also will use remaining proceeds for general corporate purposes that may include acquisitions or business development opportunities. That might include funding its recently announced $85-million acquisition of New York Medicaid managed-care company Health Plus.

Goldman, Sachs & Co. will act as sole underwriter for the offering.

Amerigroup covers about 2 million people in 11 states.

Shares of Amerigroup fell 18 cents to close at $55.45.

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