Vanguard Health Systems is expected to raise as much as $661 million in its initial public offering, according to a Bloomberg report.
The Nashville, Tenn.-based for-profit hospital operator, which is backed by investment firm Blackstone Group, will sell 25 million shares priced at $21-$23 a piece, according to the report.
The company plans to use the proceeds of the IPO to reduce its debt, including a loan to pay a $447 million dividend to its owners, and fund other financial obligations, such as its $850 million commitment to Detroit Medical Center.
Vanguard owns and operates 26 hospitals in five states as well as two surgery centers and three health plans, according to the report.
Related Articles on Vanguard Health Systems:
Vanguard Health Systems' Profit Up Sharply With DMC Acquisition
Vanguard Plans to Sell Up To $600M in IPO
Vanguard Names William Foley President of Chicago Market
The Nashville, Tenn.-based for-profit hospital operator, which is backed by investment firm Blackstone Group, will sell 25 million shares priced at $21-$23 a piece, according to the report.
The company plans to use the proceeds of the IPO to reduce its debt, including a loan to pay a $447 million dividend to its owners, and fund other financial obligations, such as its $850 million commitment to Detroit Medical Center.
Vanguard owns and operates 26 hospitals in five states as well as two surgery centers and three health plans, according to the report.
Related Articles on Vanguard Health Systems:
Vanguard Health Systems' Profit Up Sharply With DMC Acquisition
Vanguard Plans to Sell Up To $600M in IPO
Vanguard Names William Foley President of Chicago Market