HEALTH MANAGEMENT ASSOCIATES COMPLETES SECONDARY OFFERING AT $28 PER SHARE
HEALTH MANAGEMENT ASSOCIATES COMPLETES SECONDARY OFFERING
AT $28 PER SHARE
NAPLES, Fla., Nov. 6 /PRNewswire/ -- Health Management Associates, Inc. (NASDAQ: HMAIA), announced today that it has successfully completed a public offering of 2,646,000 shares of Class A common stock at $28 per share.
Goldman, Sachs & Co. and its international affiliate served as lead-manager of the offering and Donaldson, Lufkin & Jenrette Securities Corporation served as co-manager. The offering consisted of 1,000,000 primary shares offered by the company and 1,646,000 shares offered by certain selling shareholders. Of the 2,646,000 shares, 2,117,000 were sold in the United States and 529,000 were sold internationally.
The company will initially use the net proceeds from the offering to reduce outstanding indebtedness and subsequently to acquire additional health care facilities. The company did not receive any proceeds from the sale of shares by certain selling shareholders.
Health Management Associates, Inc., currently operates 16 hospitals in 10 states in the southeastern and southwestern United States. The acute care facilities provide a broad range of medical and surgical services including intensive and cardiac care, diagnostic and emergency services, and out-patient care. The company's business strategy is to efficiently operate its existing base of hospitals and selectively acquire additional facilities located in non-urban communities.
/CONTACT: William J. Schoen, president and CEO of Health Management Associates, 813-598-3175/
(HMAIA) CO: Health Management Associates, Inc. ST: Florida IN: HEA SU: OFR GK-SH -- NY070 -- 1835 11/06/91 15:25 EST