Simpson Thacher Represents Initial Purchasers in Debut $250 Million Notes Offering by BCBSM, INC.
05.21.15
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Simpson Thacher represented J.P. Morgan Securities LLC and Wells Fargo Securities, LLC as the initial purchasers in connection with the debut offering by BCBSM, INC., dba Blue Cross and Blue Shield of Minnesota (“BCBSM”), of $250 million aggregate principal amount of 3.79% Senior Notes due 2025 in a private placement pursuant to Rule 144A and Regulation S under the Securities Act. BCBSM intends to use the net proceeds from this offering for general corporate purposes. The offering closed on April 24, 2015.
BCBSM is a Minnesota nonprofit health service plan corporation that sells fully-insured health coverage to individuals and local and national groups. BCBSM also provides administrative services and stop-loss insurance to self-insured groups. BCBSM’s primary market is Minnesota but it also serves individuals associated with national employer groups through its affiliation with other Blue Cross and Blue Shield organizations. BCBSM served 2.1 million members and had revenues of $3.3 billion in 2014.
The Simpson Thacher team included Lesley Peng, Teresa Chen and Andrew Hwang (Capital Markets); Steve DeLott (Insurance); Jonathan Cantor and George Davis (Tax); David Rubinsky and Jennifer Pepin (Executive Compensation and Employee Benefits); and Jennie Getsin (Blue Sky).