SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): MARCH 30, 2001
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HEALTH NET, INC.
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(Exact Name of Registrant as Specified in Charter)
DELAWARE 1-12718 95-4288333
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(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
21650 OXNARD STREET, WOODLAND HILLS, CALIFORNIA 91367
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (818) 676-6000
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. OTHER EVENTS.
As previously disclosed, in January 2001, Health Net, Inc. ("Health
Net") entered into a definitive agreement to sell its Florida health plan to
Florida Health Plan Holdings II, LLC for $48 million, consisting of $23
million in cash and a $25 million secured five-year note bearing 8 percent
interest, subject to purchase price adjustments. The transaction is expected
to close in the second quarter of 2001, subject to regulatory approval and
other customary conditions to closing. Health Net also agreed to sell the
corporate facility building used by the Florida health plan under defined
terms which require Health Net to finance the sale over five years. Attached
hereto as Exhibit 99.1, and incorporated herein by reference, are unaudited
pro forma consolidated financial statements for Health Net which present the
estimated effects of the sale of the Florida health plan and the corporate
facility building used by the Florida health plan.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) EXHIBITS
ITEM NO. EXHIBIT INDEX
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99.1 Unaudited pro forma consolidated
financial statements of the registrant.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
HEALTH NET, INC.
Date: March 30, 2001 By: /s/ B. CURTIS WESTEN
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B. Curtis Westen, Esq.
Senior Vice President, General
Counsel and Secretary
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EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION
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99.1 Unaudited pro forma consolidated
financial statements of the registrant.
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