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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 1, 2000
(February 15, 2000)
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PROVINCE HEALTHCARE COMPANY
(Exact name of registrant as specified in its charter)
Delaware 0-23639 62-1710772
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification
Number)
105 Westwood Place
Suite 400
Brentwood, Tennessee 37027
(Address of principal executive offices) (Zip Code)
(615) 370-1377
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
On February 15, 2000, Province Healthcare Company (the "Company"),
through a limited partnership that is a subsidiary of the Company, entered into
a long-term lease with the City of Ennis, Texas (the "Lease"), pursuant to which
the City of Ennis, Texas agreed to lease to the Company the City of Ennis
Hospital (the "Hospital") located in Ennis, Texas. The Lease commenced on
February 15, 2000 and expires on February 14, 2030. The Lease is subject to
three 10-year renewal terms at the option of the Company, and the lease payments
total $3.0 million over the initial 30-year term.
Upon commencement of the Lease, the Hospital contained 45 beds and
provided emergency, skilled nursing, laboratory and radiology services. It is
anticipated that the Company will begin operating the Hospital as a full service
acute care facility by April 1, 2000.
To finance the first lease payment, the Company borrowed $2.0 million
pursuant to the terms of its Second Amended and Restated Credit Facility with a
syndicate of banks led by First Union National Bank, as Agent.
As a result of the lease of the Hospital, the Company now owns or
leases 15 hospitals in eight states with a total of 1,327 licensed beds. The
Company also provides management services to 48 primarily non-urban hospitals in
18 states and Puerto Rico with a total of 3,584 licensed beds.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Exhibit
99.1 Copy of the press release, dated February 16, 2000, relating
to the lease of the City of Ennis Hospital.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PROVINCE HEALTHCARE COMPANY
By: /s/ Brenda B. Rector
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Brenda B. Rector
Vice President and Controller
Date: March 1, 2000
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EXHIBIT 99.1
[PROVINCE HEALTHCARE LOGO]
NEWS RELEASE
FOR IMMEDIATE RELEASE
CONTACT: MERILYN H. HERBERT
VICE PRESIDENT, INVESTOR RELATIONS
(615) 370-1377
PROVINCE HEALTHCARE ACQUIRES
TEXAS HOSPITAL
Brentwood, TN, February 16, 2000 - Province Healthcare Company (Nasdaq:
PRHC) announced today that it has acquired through a long-term lease agreement
the assets and business of the 45-bed City of Ennis Hospital from the city of
Ennis, Texas. The long-term lease totals $3.0 million over a 30-year period.
The hospital was previously operated by Baylor Healthcare System which
had closed the facility. The hospital currently provides emergency care, skilled
nursing services, lab and radiology services. Province expects to have the
hospital operating as a full service acute care facility by April 1, 2000.
Martin S. Rash, Chairman, President and Chief Executive Officer of
Province Healthcare, commented, "We are extremely pleased to be able to help the
city of Ennis in bringing back its acute care hospital. This hospital is in a
growing area, is the only hospital in the community, and has a service area
population of 85,000, a profile we like in acquisitions."
Province Healthcare is a provider of health care services in attractive
non-urban markets in the United States. The Company now owns or leases 15
general acute care hospitals and one specialty hospital in eight states with a
total of 1,329 licensed beds. The Company also provides management services to
48 primarily non-urban hospitals in 18 states and Puerto Rico with a total of
3,584 licensed beds.
CONTACT: MERILYN H. HERBERT, PROVINCE HEALTHCARE COMPANY
(PRHC) AT (615) 370-1377
