Shares of CHS close below $3 for first time

Shares of Franklin, Tenn.-based Community Health Systems closed July 10 at $2.97, their lowest closing price ever and down 4.8 percent from the day prior.

The 119-bed hospital chain's stock price traded as low as $2.88 on July 10 after closing July 9 at $3.12 per share. CHS' shares have lost 33.3 percent of their value in the past month, since hitting $4.45 June 11. 

CHS' share price began sinking June 29 after the company priced a new offering of approximately $1.03 billion of senior secured notes after markets closed June 28. The company intends to use the proceeds to pay off about $1.01 billion in outstanding term loans and related expenses.

More articles on healthcare finance:

CHS closes Missouri hospital; physicians put their money on the line to expand services
The biggest financial pain points hospitals feel right now: Experts weigh in
OIG tags Wisconsin hospital for erroneous billing

© Copyright ASC COMMUNICATIONS 2018. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.

 

Top 40 Articles from the Past 6 Months