Health Net Closes $175 Million Debt Facility

Health Net, Inc. (NYSE:HNT) announced that it has secured $175 million in new debt under a financing facility from a non-U.S. bank. The new facility will amortize over five years in fixed semi-annual payments equal to $35 million per year.

In connection with the facility, Health Net entered into an interest rate swap agreement under which Health Net will pay an amount equal to LIBOR and receive in return a fixed rate of 4.3 percent. Health Net intends to use the proceeds from the new debt facility for general corporate purposes.

From: Business Wire (www.businesswire.com)