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.
August 8, 2001 |
PacifiCare Health Systems Inc., the biggest operator of Medicare health plans, said medical costs in Texas may rise after two doctors' practices there filed for bankruptcy. The doctors, who have contracts to treat about 100,000 PacifiCare customers, sought bankruptcy protection from creditors in July, the company said in a filing with the Securities and Exchange Commission. PacifiCare had 379,000 customers in Texas as of June 30.
August 1, 2001 |
PacifiCare Health Systems Inc. said Tuesday that its second-quarter profit fell 78% and warned that premiums might rise about 15% next year as the biggest operator of Medicare health plans struggled with medical costs that rose faster than premiums. Net income fell to $15.3 million, or 45 cents a share, from $69.2 million, or $1.96, a year earlier, the company said in a prepared statement after U.S. markets closed. Revenue rose 3.3% to $2.97 billion.
July 27, 2001 |
PacifiCare Health Systems Inc.'s shares fell 10% Thursday after a plan to raise $1 billion in debt collapsed for the managed health-care company. The Santa Ana company's shares fell $1.58 to $13.90 in Nasdaq trading. The shares have lost 77% of their value in the last 12 months. Morgan Stanley Dean Witter & Co. failed to sell $600 million in PacifiCare junk bonds because investors were concerned about the company's rising medical costs, bankers familiar with the issue said Wednesday.
July 26, 2001 |
PacifiCare Health Systems Inc.'s plan to raise $1 billion in debt collapsed after Morgan Stanley Dean Witter & Co. failed to sell $600 million in bonds for the biggest U.S. operator of Medicare health plans, according to bankers familiar with the issue. The Santa Ana managed-care company chose Morgan Stanley in April to arrange a $600-million junk bond issue and a $400-million loan.
July 18, 2001 |
PacifiCare Health Systems Inc. shares fell 8.9% Tuesday, a day after the Santa Ana managed-care company said its second-quarter profit beat estimates and less than two months after it cut projections for the full year. "We are not encouraged by this all-over-the-map behavior," Prudential Securities Inc. analyst David Shove, who has a "sell" rating on the shares, said in a note to investors.
July 17, 2001
PacifiCare Health Systems Inc. on Monday raised its earnings estimate for the second quarter to 45 cents a share based on preliminary results. Analysts expected the Santa Ana managed-care company to earn 32 cents a share, according to a survey of 15 analysts by First Call. The estimate excludes any nonrecurring charges and fees related to the company's current debt refinancing efforts. The company issued its revised estimate after U.S. markets closed.
June 23, 2001 |
PacifiCare Health Systems Inc.'s debt rating was cut by Moody's Investors Service Friday after the managed care provider said it would issue new debt. Moody's said it lowered PacifiCare's rating for senior unsecured debt to B1 from Ba3, and the outlook is negative. Moody's said on Oct. 11 it was reviewing the Santa Ana company's ratings. PacifiCare said this week it will sell $500 million in senior notes and had received commitments from lenders for $500 million in bank credit.