<PAGE>
Pricing Supplement dated July 14, 1995 Rule 424(b)(2)
(To Prospectus dated May 13, 1994 and File No. 33-53409
Prospectus Supplement dated July 11, 1994)
COLUMBIA/HCA HEALTHCARE CORPORATION
Medium-Term Notes--Fixed Rate
________________________________________________________________________________
Principal Amount: $100,000,000 Interest Rate: 6.730%
Issue Price: 100.000% Stated Maturity Date: July 15, 2045
Agent's Discount or Commission: .550% Original Issue Date: July 19, 1995
of principal amount
Net Proceeds to Issuer: $99,450,000
________________________________________________________________________________
Interest Payment Dates: January 15 and July 15
Redemption:
[X] The Notes cannot be redeemed prior to the Stated Maturity Date.
[_] The Notes may be redeemed prior to Stated Maturity Date.
Initial Redemption Date:
Initial Redemption Percentage: _____%
Annual Redemption Percentage Reduction: _____% until Redemption
Percentage is 100% of the Principal Amount.
Repayment:
[_] The Notes cannot be repaid prior to the Stated Maturity Date.
[X] The Notes may be repaid prior to the Stated Maturity Date at
the option of the holder of the Notes.
Optional Repayment Date(s): July 15, 2003
Repayment Price: 100% of the principal amount plus accrued
interest to the date of repayment.
Currency:
Specified Currency: U.S. Dollars
(If other than U.S. dollars, see attached)
Minimum Denominations:
(Applicable only if Specified Currency is other than U.S. dollars)
Original Issue Discount: [_] Yes [X] No
Total Amount of OID:
Yield to Maturity:
Initial Accrual Period:
Form: [X] Book-Entry [_] Certificated
Agents: [X] Morgan Stanley & Co. Incorporated, Lehman Brothers Inc.
Agents acting in the capacity as indicated below:
[_] Agent [X] Principal
If as principal:
[_] The Notes are being offered at varying prices related to
prevailing market prices at the time of resale.
[X] The Notes are being offered at a fixed initial public offering
price of 100% of principal amount.
If as Agent:
Other Provisions:
See attached.
<PAGE>
REDEMPTION AT OPTION OF HOLDER
The Notes will be redeemable on July 15, 2003, at the option of the
registered holders of the Notes, at 100.0% of their principal amount together
with interest payable to the redemption date. In order for a Note to be
redeemed, the Company must receive at its office or agency in New York, New
York, during the period from and including May 15, 2003 to and including June
15, 2003 (or, if such is not a Business Day, the next succeeding Business Day),
the Note with the form entitled "Option to Require Redemption on June 15, 2003"
on the reverse of the Note duly completed. Any such notice received by the
Company during the period from and including May 15, 2003 to and including June
15, 2003 shall be irrevocable. The redemption option may be exercised by the
holder of a Note for less than the entire principal amount of the Note, provided
the principal amount which is to be redeemed is equal to $1,000 or an integral
multiple of $1,000. All questions as to the validity, form, eligibility
(including time of receipt) and acceptance of any Note for redemption will be
determined by the Company, whose determination will be final and binding.
UNDERWRITING
Subject to the terms and conditions set forth in the Distribution
Agreement, the Company has agreed to sell to the Underwriters named below (the
"Underwriters"), and each of the Underwriters has severally agreed to purchase
from the Company, the respective principal amounts of the Notes set forth below.
Underwriter Principal Amount
----------- ----------------
Morgan Stanley & Co. Incorporated ......... $ 67,000,000
Lehman Brothers Inc. ...................... 33,000,000
$100,000,000
============
In the Distribution Agreement, the Underwriters have agreed, subject to
the terms and conditions set forth therein, to purchase all the Notes offered
hereby if any of the Notes are purchased. The Company has been advised by the
Underwriters that they propose initially to offer the Notes to the public at the
public offering price set forth on the cover page of this Pricing Supplement and
to certain dealers at such public offering price less a concession not in excess
of .35% of the principal amount of the Notes. The Underwriters may allow, and
such dealers may reallow, a discount not in excess of .25% of the principal
amount of the Notes to certain other dealers. After the initial public offering
of the Notes, the public offering price and concession and discount to dealers
may be changed by the Underwriters.
The Notes are a new issue of securities with no established trading
market. The Company currently has no intention to list the Notes on any
securities exchange. The Company has been advised by the Underwriters that they
intend to make a market in the Notes, but are not obligated to do so and may
discontinue any market making at any time without notice. No assurance can be
given as to the liquidity of the trading market for the Notes.
The Company has agreed to indemnify the Underwriters against certain
liabilities, including liabilities under the Securities Act of 1933, as amended.
From time to time the Underwriters have provided, and continue to
provide, investment and commercial banking services to the Company.