WHITE PLAINS, N.Y.--(BUSINESS WIRE)--Universal American Corp. (NYSE:UAM) announced today that it has priced its private offering of $100 million principal amount of Convertible Senior Notes due 2021 through a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. Universal American granted the initial purchasers of the notes a 30-day option to purchase up to an additional $15 million aggregate principal amount of the notes on the same terms and conditions, which has been fully exercised. The sale of the notes is expected to close on June 27, 2016, subject to customary closing conditions.

The notes will be unsecured, senior obligations of Universal American bearing interest at 4.00% per annum, payable in cash semi-annually in arrears, beginning on December 15, 2016. The notes will be convertible, subject to certain conditions, into cash, shares of Universal American’s common stock or a combination of cash and shares of Universal American’s common stock, at Universal American’s option. The initial conversion rate per $1,000 principal amount of notes is equivalent to 105.8890 shares of common stock, which is equivalent to a conversion price of approximately $9.44 per share, subject to adjustment in certain circumstances.

About Universal American Corp.

Universal American (NYSE:UAM), through our family of healthcare companies, provides health benefits to people covered by Medicare and Medicaid. We are dedicated to working collaboratively with healthcare professionals, especially primary care physicians, in order to improve the health and well-being of those we serve and reduce healthcare costs.