Ardent Health to tender for 10% notes with sale proceeds

New York, March 10 - Ardent Health Services said it plans to tender for its $225 million of 10% senior subordinated notes due 2013 using proceeds from the sale of its behavioral health division to Psychiatric Solutions, Inc.

Remaining proceeds will be used to repay debt and for general corporate purposes, including building a new hospital on the north side of Tulsa, Okla., and to extend the company's cardiovascular services at its health systems in Albuquerque, N.M., and Tulsa.

The Nashville-based health care provider announced Thursday that it is selling its behavioral health division, consisting of 20 hospitals, to Psychiatric Solutions for $500 million in cash and $60 million in Psychiatric Solutions stock.

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