LOS ANGELES - McDermott Will & Emery is pleased to announce that in July 2003, our client, Molina Healthcare, Inc. (NYSE: MOH) consummated an initial public offering of 7,590,000 shares of the Company's common stock at $17.50 per share. Molina raised approximately $124 million in the IPO transaction (in which the underwriters exercised their over-allotment option).
McDermott Will & Emery's legal team advising Molina was led by Doug Mancino and Mark Mihanovic in Los Angeles. The Firm attorneys also playing key roles were Peter Rich in Los Angeles, who assisted with health regulatory issues; and Andrew Liazos in Boston, who handled stock option plan and executive compensation-related issues. Mr. Mihanovic managed the project, which included completion of a reincorporation in Delaware and advising the client on Sarbanes-Oxley and other corporate governance issues.
In addition, Mr. Mihanovic represented Molina in connection with the establishment of a $75 million bank credit facility earlier in the year.
Molina Healthcare, Inc. is a multi-state managed care organization that arranges for the delivery of health care services to persons eligible for Medicaid and other programs for low-income families and individuals. It currently operates health plans in California, Washington, Michigan and Utah. As of March 2003, the Company had approximately 510,000 members.