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Health Management says 99.95% of 0% convertibles exchanged
New York, Dec. 29 - Health Management Associates, Inc. said holders of its zero-coupon convertible senior subordinated notes due 2022 tendered $329.828 million or 99.95% of the securities in its exchange offer.
As a result, $172,000 of the securities remain outstanding.
As announced on Nov. 30, the Naples, Fla., operator of non-urban hospitals had been offering new convertibles with identical terms except that on conversion the company will pay cash up to the accreted value of the notes and the remainder in either cash or stock.
An additional put on Jan. 28, 2006 is being added to the new notes.
All puts will be payable in cash instead of cash, stock or a combination.
The new notes will also have additional anti-dilution protection for cash dividends until Jan. 28, 2007 and contingent interest will be at 0.125%.
The exchange expired at midnight ET on Dec. 28.
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