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IASIS to Use $115M of Refinanced Cash for Acquisitions

Last week, Franklin, Tenn.-based IASIS Healthcare announced it has $115.2 million in cash left over from a debt refinancing, and it plans to use that money to fund future acquisitions, development projects and other "general corporate purposes," according to a filing with the U.S. Securities and Exchange Commission.

In May 2011, IASIS completed a refinancing and received roughly $230 million. Half of that cash was used to redeem its issued and outstanding Series A cumulative convertible preferred stock and to pay dividends to its common stockholders, according to the filing.

The remaining cash will fund "future growth through acquisitions and other development projects." IASIS has not acquired a hospital since it completed a 79 percent ownership interest in Houston-based St. Joseph Medical Center in May 2011.

More Articles on IASIS Healthcare:

Down Year Continues for IASIS; Profit Slumps 34% in 2Q

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48 Statistics on For-Profit Hospital Operator Executive Compensation

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