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Psychiatric Solutions completes $426 million acquisition of Horizon Health
By Lisa Kerner
Charlotte, N.C., June 1 – Psychiatric Solutions, Inc. completed its acquisition of Horizon Health Corp. for $20 per share in a transaction valued at $426 million, including debt.
The companies entered into a merger agreement on Jan. 22.
Psychiatric Solutions financed the deal and the cash tender offer for its 10 5/8% senior subordinated notes due 2013 through an additional $225 million of borrowings under the term loan portion of its senior secured credit facilities.
Net proceeds from an offering of $250 million principal amount of senior subordinated notes due 2015 were also used.
Psychiatric Solutions now expects its 2007 earnings per diluted share to be in a range of $1.44 to $1.47.
“Consistent with our long-term record of successfully completing and integrating acquisitions, we see a significant, continuing opportunity to expand the market share and profitability of each of [Horizon Health’s] facilities,” Psychiatric Solutions chief executive officer Joey Jacobs said in a company news release.
Psychiatric Solutions, located in Franklin, Tenn., offers behavioral health programs through freestanding psychiatric inpatient facilities.
Lewisville, Texas-based Horizon Health owns behavioral health facilities and manages clinical services for acute care hospitals and employers.
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