UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES AND EXCHANGE ACT OF 1934 DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): May 16, 2000 Commission file number 001-12055 PARACELSUS HEALTHCARE CORPORATION (Exact name of registrant as specified in its charter) CALIFORNIA 95-3565943 (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) 515 W. Greens Road, Suite 500, Houston, Texas (Address of principal executive offices) 77067 (281) 774-5100 (Zip Code) (Registrant's telephone number, including area code) ITEM 5. OTHER EVENTS On May 16, 2000, Paracelsus Healthcare Corporation (the "Company") consummated a new $62.0 million subsidiary level financing facility (the "New Credit Facility"). The New Credit Facility replaced and expanded capacity under the Company's prior off-balance sheet commercial paper program and will be used, along with cash on hand, to fund the normal working capital and capital expenditure requirements of the Company's hospitals. The New Credit Facility is an obligation of certain of the Company's subsidiaries and will be secured by all patient accounts receivable of the Company's hospitals and a first lien on two of its hospitals and certain other miscellaneous assets of the Company's subsidiaries. On May 16, 2000, the Company issued a press release on the above Related matter, a copy of which is included in Exhibit 99.2 to this Form 8-K and is incorporated herein by reference. Item 7. Financial Statements and Exhibits. (c) Exhibits. Exhibit 99.2 Press Release dated May 16, 2000 issued by the Company. 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. Paracelsus Healthcare Corporation (Registrant) Dated: May 17, 2000 By: /S/ LAWRENCE A. HUMPHREY ---------------------------------- Lawrence A. Humphrey Executive Vice President, & Chief Financial Officer