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Vanguard Health to redeem 10 3/8% notes due 2016 with stock proceeds
By Toni Weeks
San Diego, April 15 - Vanguard Health Systems, Inc. said it will use the net proceeds from its planned stock offering to redeem its 10 3/8% senior discount notes due Feb. 1, 2016, according to a filing with the Securities and Exchange Commission.
Currently, the principal amount at maturity of the notes outstanding is $747,219,000.
The notes will be redeemed at a price of 105. Accrued interest on the notes will be paid with cash generated from operations.
Any remaining net proceeds will be used for general corporate purposes, including acquisitions.
Vanguard is a Nashville-based owner and operator of acute care hospitals and complementary facilities and services.
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