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Exhibit 99.1
FOR IMMEDIATE RELEASE
CONTACT: Kirk E. Gorman June 20, 2000
Chief Financial Officer
(610) 768-3300
UNIVERSAL HEALTH SERVICES, INC. ANNOUNCES
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TERMS OF 144A DISCOUNTED CONVERTIBLE DEBENTURES
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Universal Health Services, Inc. (NYSE: UHS) announced today that on June
19, 2000 it established the terms of the discounted convertible subordinated
debentures due 2020 ("Debentures") that it disclosed on June 13, 2000 it was
offering for sale through a private placement. The Debentures will be sold for
an issue price of $425.90 per $1,000 principal amount of Debenture, and will pay
cash interest on the principal amount at the rate of 0.426% per annum, resulting
in a yield to maturity of 5.0%. The Debentures will be convertible at the
option of the holders thereof into 5.6024 shares of the Company's common stock
per $1,000 face amount of Debenture (equivalent at issuance to $76.02 per share
of Common Stock). The Company expects to issue Debentures having an approximate
aggregate issue price of $225,000,000, or $525,000,000 aggregate principal
amount at maturity (subject to increase to up to approximately $250,000,000
issue price, or approximately $590,000,000 aggregate principal amount at
maturity).
As previously announced, the Company intends to use the proceeds of the
Debentures to repay debt which then will be reborrowed to finance previously
disclosed acquisitions and for other general corporate purposes. Consummation
of the sale of the Debentures is subject to customary closing conditions, and
there can be no assurance that the offering of the Debentures will be
consummated.
The securities will not be registered or required to be registered under
the Securities Act of 1933 (the "Securities Act") and will be sold in the United
States in a private placement under Rule 144A under the Securities Act, and may
not be offered or sold in the United States absent registration or an applicable
exemption from registration requirements.
Universal Health Services, Inc. is the nation's third largest hospital
company, operating 69 facilities in 20 states, Washington, D.C. and Puerto Rico.
It acts as the advisor to Universal Health Realty Income Trust, a real estate
investment trust (NYSE: UHT).
Certain statements in this release may constitute forward-looking
statements and are subject to various risks and uncertainties as discussed in
the Company's filings with Securities and Exchange Commission. The Company is
not obligated to update these forward-looking statements even if the Company's
assessment of these risks and uncertainties changes.
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