Health Net

(HNT)

announced Wednesday that it's begun to refinance its $400 million senior notes due 2011.

The managed health care company expects to incur a one-time charge of roughly $80 million for costs related to the refinancing of the senior notes in its second quarter ending June 30.

The company's shares closed Wednesday's session down 62 cents, or 1.4%, at $43.06.

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