Tenet Completes Sale of Two Philadelphia-Area Hospitals
DALLAS Tenet Healthcare Corporation (NYSE: THC) 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.
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 todays 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 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 for $56.5 million;
The former Lindy Boggs Medical Center (closed since Hurricane Katrina), New Orleans, La., to Victory Real Estate Investments LLC for an undisclosed amount;
Parkway Regional Medical Center, North Miami Beach, 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.
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