Health Management Associates to Refinance Debt With $3.7B in New Borrowing

Naples, Fla.-based Health Management Associates is looking to borrow up to $3.7 billion in new loans to refinance some of its debt, according to an HMA news release.

HMA's plan includes four parts: a new $500-million revolving credit facility, a $1-billion term loan A, a $1.2-billion term loan B and up to $1 billion in senior unsecured notes. All of the components would be guaranteed by all wholly owned material subsidiaries of HMA, according to the release.

HMA plans to use the net proceeds of the loans to repay a portion of its outstanding debt and for other "general corporate purposes."

Last week, the for-profit hospital operator announced that its third quarter net revenue, $1.4 billion, and net income, $43.7 million, were up from last year.

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