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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):
April 4, 2000 (March 30, 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 of (Commission File Number) (IRS Employer
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 April 3, 2000, Province Healthcare Company (the "Company"),
announced that it had entered into a long-term lease agreement with Bolivar
County, Mississippi (the "Lease Agreement"), pursuant to which a wholly-owned
subsidiary of the Company will lease the property and assets which comprise the
business of Bolivar Medical Center, located in Cleveland, Mississippi (the
"Hospital"). The closing of the transaction, which is currently scheduled for
April 14, 2000, is subject to customary closing conditions, including receipt of
regulatory approvals. Under the Lease Agreement, dated March 30, 2000, the
Company will acquire the Hospital through a 40-year lease with prepaid rent of
$26.4 million. The Lease term will commence on April 15, 2000 and expire on
April 14, 2040.
The Hospital which is licensed for 141 acute care beds, 24 skilled
nursing beds and 35 long-term care beds, is the only hospital in a community
with a service area population of approximately 55,000 and has annual revenues
of approximately $30 million.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Exhibits
99.1 Copy of the press release, dated April 3, 2000, relating
to the Company's execution of a long-term lease of Bolivar
Medical Center.
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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: April 4, 2000
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EXHIBIT 99.1
[AS AMENDED TO CORRECT TYPOGRAPHICAL ERRORS]
NEWS RELEASE
FOR IMMEDIATE RELEASE
CONTACT: MERILYN H. HERBERT
VICE PRESIDENT, INVESTOR
RELATIONS
(615) 370-1377
PROVINCE HEALTHCARE ACQUIRES MISSISSIPPI
HOSPITAL
Brentwood, Tennessee April 3, 2000--Province Healthcare Company
(Nasdaq: PRHC) announced today the signing of a definitive agreement between the
Company and Bolivar County, Bolivar, Mississippi, for Province to acquire the
assets and business of the Bolivar Medical Center through a long-term lease
agreement.
Located in Cleveland, Mississippi, the hospital has 141 acute care
beds, 24 skilled nursing beds and 35 long-term care beds [note: original press
release stated "106 acute care beds"] and annual revenues of approximately $30
million. Under the agreement, Province will acquire the Bolivar Medical Center
through a 40-year lease with prepaid rent of approximately $26 million.
Martin S. Rash, Chairman, President and Chief Executive Officer of
Province Healthcare, commented, "Bolivar Medical Center in Cleveland,
Mississippi, represents exactly the kind of hospital we like to acquire. It is
the only hospital in a community approximately 40 miles from Clarksdale,
Mississippi, 50 miles from Greenwood, Mississippi and 100 miles from Memphis,
Tennessee; has a service area population of 55,000; is located in a vibrant
growing market and can benefit from our ability to add physicians and services.
We look forward to being a good neighbor in Cleveland."
Province Healthcare is a provider of health care services in attractive
non-urban markets in the United States. With this acquisition, the Company will
own or lease 16 general acute care hospitals in 9 states with a total of 1,527
licensed beds [note: original press release stated "1,433 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.
