SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Sierra Health Services, Inc.
(Exact name of registrant as specified in its charter)
December 28, 2000
Date of Report (Date of earliest event reported)
Nevada 1-8865 88-0200415
--------------------------------- ------------------- ----------------------
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation File Number) Identification No.)
2724 North Tenaya Way, Las Vegas, Nevada 89128
----------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(702) 242-7000
(Registrant's telephone number, including area code)
Item 2. Acquisition or Disposition of Assets.
-------------------------------------
On December 28, 2000, Sierra Health Services, Inc. ("Sierra")
sold a majority of its real estate holdings in Las Vegas to CB Richard Ellis
Corporate Partners, LLC, a Los Angeles-based investment fund sponsored by CB
Richard Ellis Investors, LLC, for $115 million. Sierra will use $50 million of
the proceeds from the sale as an initial payment on its recently amended and
restated line of credit. Sierra entered into a long-term lease arrangement with
the purchaser, allowing it to maintain control of the properties.
The properties sold by Sierra include approximately 550,000
square feet of administrative office space and medical clinic facilities. Most
of the office space is located at the site of Sierra's corporate headquarters,
with the clinics located throughout the Las Vegas metropolitan area. Not
included in the purchase is one administrative office building that houses
offices of Health Plan of Nevada, Inc. and Sierra Health and Life Insurance
Company, Inc., each of which are subsidiaries of Sierra.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
------------------------------------------------------------------
(c) Exhibits.
Exhibit No. Exhibit
1 Press Release: Sierra Health Services
Announces Completion of Sale/Leaseback
Transaction for Las Vegas Real Estate,
dated January 2, 2001
<PAGE>
Signature
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 thereunto duly authorized.
SIERRA HEALTH SERVICES, INC.
By: /S/ Paul H. Palmer
Vice President
Chief Financial Officer
and Treasurer
(Chief Accounting Officer)
Dated: January 5, 2001
<PAGE>
