NU Online News Service, July 23, 10:15 a.m. – PacifiCare Health Systems Inc., Santa Ana, Calif., is giving investors more time to sell back $100 million in senior notes.
The managed care company has postponed the deadline for a tender offer for the notes to July 30, from July 23.
The new deadline extension is the second PacifiCare has announced. When the company began the tender offer in June, it started with a July 3 deadline.
The notes, issued by a PacifiCare subsidiary, PacifiCare Health Plan Administrators Inc., are due in 2003 and pay 7% annual interest.
PacifiCare is buying the notes back for $1,046, plus accrued interest, for each $1,000 in principal.
Morgan Stanley Dean Witter & Company, New York, is acting as the dealer manager and solicitation for the tender offer.
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