Davis Polk advised the initial purchasers in connection with a Rule 144A offering by Universal American Corp. of an aggregate principal amount of $115 million of 4.00% convertible senior notes due 2021, which included $15 million aggregate principal amount of notes from the full exercise of the initial purchasers’ option to purchase additional notes.

Headquartered in White Plains, New York, Universal American Corp. provides health insurance and managed care products and services to Medicare and Medicaid customers in the United States. It operates through Medicare Advantage, Management Services Organization and Medicaid segments.

The Davis Polk capital markets team included partner Sophia Hudson and associates Ferrell Maguire Keel, Courtney Collins and Yolanda Min. The Davis Polk equity derivatives team included partner Mark M. Mendez and associates Mark J. DiFiore and Caitlin L. Wood. Partner Michael Farber and associate Catherine L. Chu provided tax advice. Partner Frank J. Azzopardi provided intellectual property and technology advice. All members of the Davis Polk team are based in the New York office.

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