Tenet Completes Sale of Two Philadelphia-Area Hospitals.DALLAS -- Tenet Healthcare Corporation (NYSE NYSE
See: New York Stock Exchange : THC THC tetrahydrocannabinol.
Tetrahydrocannabinol; a compound that is obtained from cannabis or is made synthetically; it is the primary intoxicant in marijuana and hashish. ) announced today that a company subsidiary has completed the previously disclosed sale of Roxborough Memorial Hospital, a 137-bed acute care hospital located in Philadelphia, and Warminster Hospital, a 153-bed acute care hospital located in Warminster, Pa., to Solis Healthcare LLC (Logical Link Control) See "LANs" under data link protocol.
LLC - Logical Link Control .
Pre-tax proceeds from the sale are approximately $25.5 million. The payment is structured as $15.5 million in cash, which will be used for general corporate purposes, and a $10 million note due in December of 2009.
With today's announcement, Tenet has completed the sale of 11 of 13 hospitals the company had previously announced for sale.
Following is a list of completed sales to-date.
* Alvarado Hospital Medical Center, San Diego, Calif., to Plymouth Health for $22.5 million;
* Cleveland Clinic Hospital, Weston, Fla., to the Cleveland Clinic Foundation for $90 million;
* Graduate Hospital, Philadelphia, Pa., to the University of Pennsylvania Health System The University of Pennsylvania Health System is a diverse research and clinical care organization in Philadelphia, Pennsylvania that operates under the direction and auspices of the University of Pennsylvania, its umbrella organization Penn Medicine and the University of for $16.5 million;
* Hollywood Medical Center, Hollywood, Fla., to the South Broward Hospital District for $32 million;
* Kenner Regional Medical Center, Meadowcrest Hospital and Memorial Medical Center, all in the New Orleans, La. area, to Ochsner Health System Ochsner Health System is a non-profit health care provider based in south-East Louisiana. Its flagship hospital is Ochsner Medical Center, located in Jefferson Parish, Louisiana a short distance from the New Orleans city limits. for $56.5 million;
* The former Lindy Boggs Medical Center (closed since Hurricane Katrina), New Orleans, La., to Victory Real Estate Investments LLC Victory Real Estate Investments LLC is a large, privately-held real estate company that owns a number of retail shopping malls throughout the United States, with many large, nationally-known tenants. It was founded in 1992 and is headquartered in Columbus, Georgia. for an undisclosed amount;
* Parkway Regional Medical Center, North Miami Beach North Miami Beach, residential and resort city (1990 pop. 35,359), Dade co., SE Fla., on the Atlantic coast; inc. 1931. It is a major office and retail area. , Fla., to the Public Health Trust of Miami-Dade County for $35 million;
* Roxborough Memorial Hospital and Warminster Hospital, both in the Philadelphia, Pa. area, to Solis Healthcare LLC for $25.5 million.
Pre-tax proceeds for these completed hospital transactions are estimated to be approximately $278 million, which includes an $8 million reimbursement related to the reconstruction of a surgical facility on the Memorial Medical Center campus. The proceeds from the sale of the former Lindy Boggs Medical Center have not been disclosed due to a confidentiality agreement with the buyer. The hospitals that remain for sale are:
* Encino-Tarzana Regional Medical Center - Encino campus, Los Angeles, Calif.
* Encino-Tarzana Regional Medical Center - Tarzana campus, Los Angeles, Calif.
Discussions with potential buyers for these two hospitals are ongoing.
Tenet Healthcare Corporation, through its subsidiaries, owns and operates acute care hospitals and related health care services. Tenet's hospitals aim to provide the best possible care to every patient who comes through their doors, with a clear focus on quality and service. Tenet can be found on the World Wide Web at www.tenethealth.com.
Some of the statements in this release may constitute forward-looking statements. Such statements are based on our current expectations and could be affected by numerous factors and are subject to various risks and uncertainties discussed in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K Form 10-K
A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information.
See 10-K. for the year ended Dec. 31, 2006, our quarterly reports on Form 10-Q Form 10-Q
See 10-Q. and periodic reports on Form 8-K Form 8-K
The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock.
See 8-K. . Do not rely on any forward-looking statement, as we cannot predict or control many of the factors that ultimately may affect our ability to achieve the results estimated. We make no promise to update any forward-looking statement, whether as a result of changes in underlying factors, new information, future events or otherwise.