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HCA EMPLOYEE RETIREMENT PLAN TO PURCHASE 5.7 MILLION HCA COMMON SHARES FROM J.P. MORGAN CAPITAL CORPORATION

 NASHVILLE, Tenn., July 28 /PRNewswire/ -- HCA - Hospital Corporation of America (NYSE: HCA) today announced that the Hospital Corporation of America Stock Bonus Plan ("HCA Plan") has entered into an agreement ("Stock Purchase Agreement") to purchase approximately 5.7 million shares of HCA common stock from J.P. Morgan Capital Corporation in a private transaction.
 This transaction is expected to be completed on or before Aug. 11, subject to the satisfaction of certain conditions.
 As a part of the Stock Purchase Agreement, J.P. Morgan Capital has agreed not to offer or sell any of its remaining HCA shares for a period of at least six months.
 HCA related that Plan representatives have stated the purchase of the additional shares (the Plan already owns 19,400,000 shares of HCA common stock) represented an excellent investment opportunity benefiting the Plan's participants and beneficiaries and that the consummation of the sale, along with the six-month lock up, should help alleviate the overhang issue in HCA stock which has existed since February 1993, when J.P. Morgan Capital issued and subsequently withdrew its request for a secondary public offering of HCA common shares due to changing market conditions.
 Under the Stock Purchase Agreement, the HCA Plan and J.P. Morgan Capital have agreed that the purchase price for the 5.7 million shares will remain confidential until after the transaction is completed. The purchase price was negotiated privately between J.P. Morgan Capital and the HCA Plan and is at a discount to current public trading prices.
 The HCA Plan is a defined contribution plan, designed to invest in HCA stock, in which all full-time employees of HCA and its subsidiaries participate.
 J.P. Morgan Capital Corporation is a wholly owned subsidiary of J.P. Morgan & Co. Incorporated (NYSE: JPM).
 -0- 7/28/93
 /CONTACT: Victor L. Campbell, vice president, Investor Relations of HCA - Hospital Corporation of America, 615-327-9551/
 (HCA JPM)


CO: HCA - Hospital Corporation of America ST: Tennessee IN: HEA SU:

BN-BR -- AT004 -- 6622 07/28/93 09:00 EDT
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Publication:PR Newswire
Date:Jul 28, 1993
Words:338
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