EXHIBIT 99
HCA NEWS
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FOR IMMEDIATE RELEASE
INVESTOR CONTACT: MEDIA CONTACT:
Mark Kimbrough Jeff Prescott
(615) 344-2688 (615) 344-5708
HCA COMPLETES ACQUISITION OF HEALTH MIDWEST IN KANSAS CITY
NASHVILLE, TENN., APRIL 1, 2003--HCA (NYSE: HCA) today announced the completion
of its acquisition of the Health Midwest system in Kansas City.
The company announced on November 22, 2002 the signing of a definitive agreement
to acquire the system after having been engaged in exclusive negotiations since
October of 2002.
The system now comprises the newly formed Midwest Division of HCA and includes
the following facilities:
Allen County Hospital Iola, Kansas
Baptist-Lutheran Medical Center Kansas City, Missouri
Cass Medical Center* Harrisonville, Missouri
Independence Regional Health Center Independence, Missouri
Lafayette Regional Health Center Lexington, Missouri
Lee's Summit Hospital Lee's Summit, Missouri
Medical Center of Independence Independence, Missouri
Menorah Medical Center Overland Park, Kansas
Overland Park Regional Medical Center Overland Park, Kansas
Research Belton Hospital Belton, Missouri
Research Medical Center Kansas City, Missouri
Research Psychiatric Center Kansas City, Missouri
*Operated through a management agreement.
"We're pleased to complete this transaction," said Jack O. Bovender, Jr.,
Chairman and Chief Executive Officer of HCA. "This has been a comprehensive,
thorough process with a lot of community participation. We are ready to get to
work to improve these hospitals through significant capital infusion and by
making long-term operational improvements."
As part of the transaction agreement, HCA will commit at least $450 million in
capital expenditures in the community over the next five years. In addition,
proceeds of the transaction are expected to create two charitable foundations,
one in Missouri and one in Kansas.
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"We're very excited to get things started in Kansas City," said Bryan R. Rogers,
President of the Midwest Division. "We have a lot of work to do over the next
weeks and months, but the meetings we've had with physicians and employees are
very encouraging. People are energized and we have good foundations on which to
build."
As previously announced, the entire Health Midwest system was valued at $1.125
billion, including approximately $183 million of debt and leases assumed by HCA.
The leases are for Overland Park Regional Medical Center and Independence
Regional Health Center, both owned by Triad Hospitals, Inc. Entities originally
included in the valuation of the transaction but not acquired are valued at
about $87 million. As a result the aggregate cash paid by HCA at closing was
approximately $855 million.
This press release contains forward-looking statements based on current
management expectations. Those forward-looking statements include statements
other than those made solely with respect to historical fact. Numerous risks,
uncertainties and other factors may cause actual results to differ materially
from those expressed in any forward-looking statements. These factors include,
but are not limited to (i) the ability to successfully integrate Health Midwest
into the Company's operations and the financial impact thereof, (ii) the ability
to fund expected capital improvements, and (iii) other risk factors detailed
from time to time in the Company's filings with the SEC. Many of the factors
that will determine the Company's future results are beyond the ability of the
Company to control or predict. Readers should not place undue reliance on
forward-looking statements, which reflect management's views only as of the date
hereof. The Company undertakes no obligation to revise or update any
forward-looking statements, or to make any other forward-looking statements,
whether as a result of new information, future events or otherwise.
All references to "Company" and "HCA" as used throughout this document refer to
HCA Inc. and its affiliates.
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