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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): July 9, 2001 (June 25, 2001)
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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 (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
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
(a) On June 25, 2001, Province Healthcare Company (the "Company")
announced that it had entered into a definitive agreement (the "Agreement")
to acquire Ashland Regional Medical Center in Ashland, Pennsylvania from
Tri County Health System, Inc. and its affiliates. Ashland Regional Medical
Center is a 126-bed facility with net revenues for its last fiscal year of
approximately $21 million. The closing of the transaction, which is scheduled
for the third quarter of 2001, is subject to customary closing conditions and
standard regulatory approvals. The Company will acquire the assets and
operations of Ashland Regional Medical Center for approximately $4 million.
(b) Effective July 2, 2001, the Company, through a wholly-owned
subsidiary, acquired substantially all of the assets used in the operation
of Selma Baptist Hospital in Selma, Alabama from Baptist Health and Montgomery
Baptist Outreach Services Corporation of Montgomery, Alabama. The aggregate
purchase price was approximately $31 million, plus working capital. The
hospital reported net revenues of approximately $36 million for the year ended
June 30, 2000.
The assets acquired included the 214-bed general acute care hospital
facility, the real property on which the facility is located and related
facilities.
To finance the acquisition, the Company borrowed $34 million pursuant
to the terms of its revolving credit facility with a syndicate of banks led by
First Union National Bank, as Agent.
As a result of the acquisition, the Company now owns or leases 15
general acute care hospitals in 10 states with a total of 1,572 licensed beds.
The Company also has management agreements for 36 primarily non-urban hospitals
in 13 states with a total of 2,981 licensed beds.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99.1 Copy of the press release, dated June 25, 2001, relating
to the announcement that Province Healthcare Company signed a
definitive agreement to acquire Ashland Regional Medical
Center in Ashland, Pennsylvania from Tri County Health System,
Inc. and its affiliates.
99.2 Copy of the press release, dated July 3, 2001, relating
to the announcement that Province Healthcare Company has
completed the acquisition of Selma Baptist Hospital in Selma,
Alabama, and has entered into an additional letter of intent.
ITEM 9. REGULATION FD DISCLOSURE
On July 3, 2001, the Company announced that it had entered into an
additional letter of intent ("LOI") to acquire a hospital facility, and that it
currently has three LOI's outstanding.
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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: July 9, 2001