Health Management repurchased $148.6 million 3.75% convertibles due 2028 since Dec. 1

By Jennifer Chiou

New York, May 8 - Health Management Associates, Inc. has purchased $148.6 million of its 3.75% convertible senior subordinated notes due 2028 in the open market since Dec. 1, according to a 10-Q filing with the Securities and Exchange Commission.

The company added that it used cash on hand for the purchases, which were made at 55 plus accrued interest.

In an announcement on April 27, the company said it had bought back $98.6 million of the notes in the open market.

On May 21, 2008, Health Management completed a private placement of $250 million of the notes, using the net proceeds of about $244 million for the buyback of some of its 1.5% convertible senior subordinated notes due 2023.

Health Management is a Naples, Fla., operator of hospitals in non-urban communities.

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