CHS/Community Health Systems to use revolver borrowings for common stock purchase

By Sara Rosenberg

New York, Sept. 22 - CHS/Community Health Systems Inc. gave lenders notice on Tuesday that it plans to draw down about $260 million in euro loans under its revolving credit facility to buy some common stock, according to an 8-K filed with the Securities and Exchange Commission Wednesday.

The company is purchasing 12 million shares of its common stock for $290.52 million from Citigroup Global Markets Inc. as underwriter in a public secondary offering by Forstmann Little & Co.

Community Health is a Brentwood, Tenn., operator of general acute care hospitals.

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