WellCare Planning to Borrow $600M

Nov 13, 2013

Tampa-based WellCare Health Plans Inc. is planning to borrow $600 million, the Tampa Bay Business Journal reports. The company, which provides managed care services for Medicaid and Medicare health plans, will issue senior notes in a public offering. In a statement, the company said it plans to use the loan to payoff a senior secured credit agreement; it will also use the cash for potential acquisitions and growth opportunities.