Vanguard draws $60 million under delayed-draw term loan for acquisitions

By Sara Rosenberg

New York, Jan. 4 - Vanguard Health Systems Inc. drew down $60 million under its $150 million delayed-draw term loan on Friday to help fund the acquisition of three acute care hospitals from Tenet Healthcare Corp. for an adjusted purchase price of $87.4 million, according to an 8-K filed with the Securities and Exchange Commission Tuesday.

The $27.4 million balance of the adjusted purchase price was paid with cash on hand.

In addition, Vanguard expects drawing down the remaining portion of the term loan prior to the Feb. 20, 2005 deadline to build net working capital for the acquired hospitals, to finance capital expenditures at the acquired hospitals and for general corporate purposes, the filing added.

Vanguard is a Nashville, Tenn., owner and operator of acute care hospitals and related health care services.

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