The Nashville, Tenn.-based for-profit hospital operator, which is backed by investment firm Blackstone Group, will sell 25 million shares priced at $21-$23 a piece, according to the report.
The company plans to use the proceeds of the IPO to reduce its debt, including a loan to pay a $447 million dividend to its owners, and fund other financial obligations, such as its $850 million commitment to Detroit Medical Center.
Vanguard owns and operates 26 hospitals in five states as well as two surgery centers and three health plans, according to the report.
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