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Biotech / Medical : Oxford Health Plan (OXHP)
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To: Thomas Haegin who wrote (1648)6/10/1998 11:02:00 AM
From: Thomas Haegin  Read Replies (1) of 2068
 
Partial Repost: Oxford says completes expected $710 mill financing

Dug it up again from my HD-drive. Seems like Payson invested more than was expected....

Thomas

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Reuters Story - May 13, 1998 16:44

ÿÿÿ NORWALK, Conn., May 13 (Reuters) - Oxford Health Plans Inc
said Wednesday it had successfully completed the $710
million equity and debt financing the company had proposed in
February, adding it had officially named Norman Payson as its
chief executive.
ÿÿÿ Payson was selected for the job in February in a major
shakeup of the health maintenance organization and had been
acting unofficially in that capacity since then.
ÿÿÿ The company said it had completed the sale of $350 million
in Oxford preferred shares and warrants to affiliates of
investment firm Texas Pacific Group and others.
ÿÿÿ In separate transactions, it said it had also completed
private placement of $200 million of seven-year unsecured
senior notes and had borrowed $150 million under a five-year
senior secured term loan.
ÿÿÿ In addition, the company said Payson -- former chief
executive of Healthsource Inc -- made a $10 million investment
in Oxford's common shares, bringing the company's total new
capital to $710 million.
ÿÿÿ Oxford said Payson had also been elected to its board of
directors along with David Bonderman and James G. Coulter,
founding partners of Texas Pacific Group; and Jonathan Coslet,
a partner of Texas Pacific Group. A final nominee of Texas
Pacific Group will be named later, the company added....
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