Vanguard Health Systems, Inc. (ticker: VHS, exchange: NYSE Archipelago Exchange (.N))
News Release -
Vanguard Closes Over-Allotment Option
NASHVILLE, TN, Jul 12, 2011 (MARKETWIRE via COMTEX) --
Vanguard Health Systems, Inc. (NYSE: VHS) ("Vanguard") announced
today that Vanguard closed the sale of an additional 3,750,000 shares
of its common stock at the public offering price of $18.00 per share
pursuant to the over-allotment option exercised in full by the
underwriters of its recently completed initial public offering. This
exercise of the over-allotment brings the total number of common
shares sold by Vanguard in the offering to 28,750,000 shares.
Vanguard expects to use the net proceeds from the offering to redeem
approximately $63.6 million accreted value of its outstanding 10.375%
Senior Discount Notes due 2016 including the 5% redemption premium
BofA Merrill Lynch, Barclays Capital, Citi, Deutsche Bank Securities
and J.P. Morgan acted as joint book running managers for the
A registration statement relating to the shares of the common stock
of Vanguard has been declared effective by the U.S. Securities and
Exchange Commission. This press release shall not constitute an offer
to sell or a solicitation of an offer to buy, nor shall there be any
sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
The offering of these 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, NY 10080, Attn: Prospectus Department or email
firstname.lastname@example.org; and Barclays Capital Inc., c/o
Broadridge Financial Solutions, at 1155 Long Island Avenue, Edgewood,
NY 11717, email: Barclaysprospectus@broadridge.com or telephone:
888-603-5847. The final prospectus also may be obtained on the
Securities and Exchange Commission's Web site at http://www.sec.gov.
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.
Vanguard's strategy is to develop locally branded, comprehensive
healthcare delivery networks in urban markets.
FORWARD LOOKING STATEMENTS
Information provided and statements contained in this press release
that are not purely historical are forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, Section 21E
of the Securities Exchange Act of 1934 and the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements only
speak as of the date of this press release and Vanguard assumes no
obligation to update the information included in this press release.
Such forward-looking statements often include words such as
"approximate," "believe," "expect," "anticipate," "intend," "plan,"
"estimate" or similar expressions. These forward-looking statements
are not historical facts, and are based on current expectations,
estimates and projections about Vanguard's industry, management's
beliefs and certain assumptions made by management, many of which, by
their nature, are inherently uncertain and beyond Vanguard's control.
Accordingly, readers are cautioned that any such forward-looking
statements are not guarantees of future performance or occurrence of
events and are subject to certain risks, uncertainties and
assumptions that are difficult to predict. Although Vanguard believes
that the expectations reflected in such forward-looking statements
are reasonable as of the date made, expectations may prove to have
been materially different from the results expressed or implied by
such forward-looking statements. Unless otherwise required by law,
Vanguard also disclaims any obligation to update its view of any such
risks or uncertainties or to announce publicly the result of any
revisions to the forward-looking statements made in this press
Vanguard Health Systems, Inc.
Senior Vice President and Chief Accounting Officer
SOURCE: Vanguard Health Systems, Inc.