CHICAGO - Indianapolis-based Clarian Health Partners Inc. will begin today converting up to $701 million of insured auction-rate securities into weekly variable-rate demand bonds supported by standby bond purchase agreements and letters of credit.

In total, Clarian will convert up to 11 auction-rate series - all of which carry insurance from Financial Security Assurance Inc. or MBIA Insurance Corp. - into weekly variable-rate demand obligations. After the transactions, about 50% of Clarian's total $1.4 billion outstanding debt portfolio will be structured in the variable-rate demand mode.

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