When Chase Manhattan Corp. stepped up last week with $1.3 billion in funding for Magellan Health Corp.'s purchase of Merit Behavioral Care Corp., it was just the latest sign of the robust state of health-care financing.

First Union Corp. and Credit Lyonnais are also acting as agents on $900 million in loans for Magellan, including a $400 million bridge loan that is to be refinanced with a high-yield bond next year.

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