US health care facility Vanguard Health Systems, Inc. has bared the pricing of its initial public offering of 25,000,000 shares of common stock at a price of $18.00 per share.
The shares have begun trading on the New York Stock Exchange on June 22, 2011 under the ticker symbol “VHS.”
In April 2011, the health care facility filed with the SEC to raise up to $600 million in an IPO.
The underwriters have been granted a 30-day option to purchase up to an additional 3,750,000 shares of common stock to cover over-allotments, if any.
Vanguard will use the net proceeds from the public offering to recover $417.6 million of estimated accreted value as of June 30, 2011, of its outstanding 10.375 percent Senior Discount Notes due on 2016, which include the 5 percent redemption premium thereof.
Joint book managers for the offering include BofA Merrill Lynch, Barclays Capital, Citi, Deutsche Bank Securities and J.P. Morgan.
The US Securities and Exchange Commission has declared the registration statement relating to the shares of the common stock of Vanguard as effective.
The health care facility emphasized that the offering of the “securities will be made only by means of a prospectus, copies of which may be obtained from the representatives of the several underwriters, BofA Merrill Lynch at 4 World Financial Center, New York.”
Vanguard owns and operates 26 acute care and specialty hospitals and complementary facilities and services in Chicago, Illinois; Detroit, Michigan; Phoenix, Arizona; San Antonio, Texas; and Massachusetts.
The health care facility develops locally branded, comprehensive healthcare delivery networks in urban markets, including Arizona, Illinois, Massachusetts, Michigan, and Texas.