August 22, 2001 |
PacifiCare Health Systems Inc., which dropped plans last month to refinance its debt with new creditors, said Tuesday that its current lenders have agreed to extend the due date of its $800-million credit package by one year. The Santa Ana managed-care company, the nation's biggest operator of Medicare health plans, said in a news release that it will pay 1% of the debt, or $8 million, as a fee to amend the credit agreement. The new arrangement, which extends the maturity date to Jan.
July 28, 2001 |
PacifiCare Health Systems Inc., the biggest U.S. operator of Medicare health plans, said Friday that it abandoned plans to refinance $800 million in debt after a junk-bond sale failed because of investor concern over rising costs. PacifiCare wanted to sell the bonds and arrange a $400-million loan to refinance the bank debt that matures in January, along with $100 million in senior notes. The plan was contingent upon the sale of $600 million in junk bonds, which Morgan Stanley Dean Witter & Co.
July 24, 2001 |
Shares of PacifiCare Health Systems Inc. fell nearly 8% on Monday after the biggest U.S. operator of Medicare health plans extended a tender offer for its senior debt. Shares lost $1.27 to close at $15.65 on Nasdaq, after touching $14.61. The shares had fallen 8.5% since PacifiCare lowered its 2001 profit estimate May 30. Santa Ana-based PacifiCare extended its tender offer for $100 million in outstanding senior notes by a week. The offer had been set to expire Monday.
July 18, 2001
PacifiCare Health Systems Inc. shares fell 9% after the Santa Ana company raised its second-quarter profit forecast less than two months after cutting 2001 projections. Estimates had ranged from a loss of 38 cents to a profit of 52 cents. Shares fell $1.78 to close at $18.27 on Nasdaq.
May 4, 2001 |
Shares of PacifiCare Health Systems Inc. fell 22% on Thursday after profit at the biggest operator of Medicare health plans dropped 82% in the first quarter. PacifiCare shares fell $8.29 to close at $29.10 in Nasdaq trading on volume of 5.7 million, or more than seven times the three-month daily average. The Santa Ana-based company said after U.S. markets closed Wednesday that first-quarter net income fell to $13.1 million from $74.6 million a year earlier as medical costs rose.
March 7, 2001 |
UniHealth Foundation reduced its holdings in PacifiCare Health Systems Inc., the nation's largest Medicare managed health care plan, to 10.8% from about 13.5%, according to a document filed with regulators Monday. UniHealth sold 1 million shares of the Santa Ana health insurer on the open market last month for a total of $35.3 million, with prices ranging from $33.24 to $38.74 a share, according to the filing.