Cigna Corporation ("Cigna") (NYSE:CI) announced today that it has priced a public offering of 15.2 million shares of its common stock at $42.75 per share. Cigna also granted the underwriters a 30-day option to purchase up to an additional 2.28 million shares. The company intends to use the net proceeds from this offering to pay a portion of the purchase price of the pending HealthSpring, Inc. ("HealthSpring") acquisition and for general corporate purposes if the HealthSpring acquisition does not close.
Morgan Stanley, Citigroup and Deutsche Bank Securities are the joint book-running managers for this offering, and BofA Merrill Lynch, Mitsubishi UFJ Securities, UBS Investment Bank and Wells Fargo Securities are the co-managers for this offering. The offering will be made under Cigna's existing shelf registration statement filed with the Securities and Exchange Commission.