January 20, 2010 (FinancialWire) — Centene Corp. (NYSE: CNC) said that it has launched a public offering of five million shares of its common stock through underwriters led by BofA Merrill Lynch 9NYSE: BAC), Goldman, Sachs & Co. (NYSE: GS), J. P. Morgan Securities (NYSE: JPM), and Credit Suisse Securities.

Centene said it plans to grant to the underwriters an option to purchase up to 750,000 shares to cover any overallotments. The company plans to use the net proceeds of the offering to repay the outstanding indebtedness under its $300 million revolving credit facility and for general corporate purposes, which may include acquisitions, capital expenditures and additions to working capital.

St. Louis-based Centene is a multi-line healthcare enterprise that provides programs and related services to individuals receiving benefits under Medicaid, including the Children’s Health Insurance Program, as well as Aged, Blind, or Disabled, Foster Care, Long-Term Care and Medicare.

The company operates local health plans and offers a range of health insurance solutions to individuals and the rising number of uninsured Americans.

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