Centene Corporation’s $7 Billion High‑Yield Senior Notes Offering

Cravath represented the initial purchasers in connection with the $7 billion 144A/Reg. S. high‑yield senior notes offering of Centene Corporation.

Centene Corporation issued $1,000,000,000 in aggregate principal amount of 4.75% Senior Notes due 2025, $2,500,000,000 in aggregate principal amount of 4.25% Senior Notes due 2027 and $3,500,000,000 in aggregate principal amount of 4.625% Senior Notes due 2029.

Barclays Capital Inc., J.P. Morgan Securities LLC, SunTrust Robinson Humphrey, Inc., Wells Fargo Securities, LLC, and BofA Securities, Inc. acted as representatives of the initial purchasers.

Centene Corporation is a diversified, multinational healthcare enterprise. Proceeds of the offering will be used to finance the acquisition of WellCare Health Plans, Inc. by Centene and for general corporate purposes. The transaction closed on December 6, 2019.

The Cravath team included partner Johnny G. Skumpija (Picture) and associates Ryan J. Patrone, Madeleine S. Shiff and Kathryn Kennedy Bleday on securities matters, and associates Jiyeon K. Barta and Rory M. Minnis on tax matters. Shannon R. Kahlden also worked on securities matters.

Involved fees earner: Jiyeon Barta – Cravath Swaine & Moore; Kathryn Kennedy Bleday – Cravath Swaine & Moore; Rory Minnis – Cravath Swaine & Moore; Ryan Patrone – Cravath Swaine & Moore; Madeleine Shiff – Cravath Swaine & Moore; Johnny Skumpija – Cravath Swaine & Moore;

Law Firms: Cravath Swaine & Moore;

Clients: Bank of America Securities; Barclays Capital ; J.P. Morgan Securities LLC; SunTrust Robinson Humphrey, Inc.; Wells Fargo Securities;

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Author: Ambrogio Visconti