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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): May 2, 2000 (April 17, 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 17, 2000, Province Healthcare Company (the "Company") and
Bolivar County, Mississippi ("Bolivar") closed on a transaction in which the
Company, through a wholly-owned subsidiary of the Company, agreed to lease from
Bolivar the property and assets comprising Bolivar Medical Center, located in
Cleveland, Mississippi (the "Hospital"). Pursuant to the Lease Agreement, the
Company will acquire the Hospital through a 40-year lease with prepaid rent of
$26.4 million. The Lease term commenced on April 15, 2000 and expires 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 $32 million. With this acquisition, the Company will own or
lease 16 general acute care hospitals in nine states with a total of 1,527
licensed beds.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Exhibits
99.1 Copy of the press release, dated April 17, 2000, relating to
the closing of the transaction in which the Company entered into 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: May 2, 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 17, 2000--Province Healthcare Company
(Nasdaq: PRHC) announced today that is has completed the transaction to acquire
the Bolivar Medical Center through a long-term lease agreement.
Located in Cleveland, Mississippi, the 200-bed hospital, consisting of
141 acute care beds, 24 skilled nursing beds and 35 long-term care beds [note:
original press release stated "106 acute care beds"] has revenues of
approximately $32 million and was acquired from Bolivar County, Bolivar,
Mississippi for approximately $26 million.
Province Healthcare is a provider of health care services in attractive
non-urban markets in the United States. With this acquisition, the Company owns
or leases 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.
