Vanguard Issues Notes For Detroit Hospital Buy
Vanguard Health Systems Inc., the parent company of Saint Vincent Hospital in Worcester and MetroWest Medical Center in Framingham and Natick, is raising funds to finance its purchase of the Detroit Medical Center in Michigan.
Two holding companies that are wholly-owned subsidiaries of the hospital system plan to issue an aggregate principal amount of up to $225 million of 8 percent senior notes due 2018 in a private placement. Vanguard said it will use the proceeds of the new notes along with cash on hand to finance the acquisition of "substantially all" the assets of the medical center.
Vanguard is based in Tennessee and owns hospitals in Arizona, Illinois and Texas, as well as Massachusetts. The Detroit Medical Center consists of eight acute care and specialty hospitals in the Detroit metro area.
WBJ Web Partners
Most Recent
Most Recent
0 Comments