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March 15, 2017 Comments Off on Ardent Health Secures $700M in Financing for Hospital Group Purchase Views: 492 National News, Top National Stories

Ardent Health Secures $700M in Financing for Hospital Group Purchase

Ardent Health Services of Nashville, TN obtained secured debt financing in the amount of $700 million, which was used to acquire LHP Hospital Group, headquartered in Plano TX. The five-year, LIBOR-based loan was arranged by Ventas Inc., and has an initial cash interest rate of approximately 8%.

Ardent also received a significant equity contribution from its majority owner, Equity Group Investments. Ventas also made an equity contribution to maintain its 9.9% equity stake in Ardent.

The acquisition makes Ardent Health the second largest private, for-profit hospital operator in the United States, with 19 hospitals in six states, and $3 billion in revenues.

Former LHP Interim CEO Paul Kappelman has been appointed executive vice president and chief operating officer for Ardent. David T. Vandewater will continue as Ardent’s CEO.

Read More at Business Wire

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