Community Health calls $150 million of 4.25% convertibles, may call rest

New York, Nov. 14 - Community Health Systems, Inc. said it will redeem $150 million of its $287.5 million of 4.25% convertible subordinated notes due 2008 on Dec. 14 - and added that it may also call the remainder.

The company will pay 101.821% of par plus accrued interest up to the redemption date.

Up to the close of business on Dec. 13, holders can convert the notes at a price of $33.50 per share. Community Health stock closed at $36.76 on Monday.

Community Health said that the amount of cash available to redeem the notes is limited by the indenture for its 6½% senior notes due 2012.

However, if enough holders convert rather than accept cash and market conditions are favorable, the company said it will redeem the remaining convertibles.

Community Health is a Brentwood, Tenn., operator of general acute care hospitals in non-urban communities.

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