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twitterLV insurer restructures debt
Tuesday, Feb. 25, 2003 | 11:17 a.m.
Sierra Health Services Inc. of Las Vegas today announced that it will sell $100 million in senior convertible debt with an option for an additional $15 million.
The company also said its board of directors expanded a stock repurchase program, initiated in January, by 600,000 shares to 2.6 million shares.
Proceeds from the $100 million sale will pay off old debt, finance the stock repurchase and shore up a government contract bid by a subsidiary, Sierra Military Health Services.
The company also has secured a new $65 million revolving credit facility to replace one maturing Sept. 30.
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