Ventas issues secured financing in connection with Ardent, LHP Hospital merger
Ardent Health Services and LHP Hospital Group announced they have entered into a definitive merger agreement under which the two companies will merge their operations. The transaction will create the second largest private, for-profit hospital operator in the United States with 19 hospitals across six states and $3B in revenues. Terms of the transaction were not disclosed. The transaction is expected to close in early 2017, pending customary regulatory reviews and approvals. Ardent expects to fund the transaction primarily through secured debt financing, as well as through equity capital provided principally by its majority owner, an affiliate of Equity Group Investments. Ventas has provided a commitment for secured debt financing for the transaction.