HCA Holdings 2011 Annual Report Download - page 84

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HCA HOLDINGS, INC.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS — (Continued)
Liquidity and Capital Resources (Continued)
Financing Activities (Continued)
On September 21, 2011, we repurchased 80,771,143 shares of our common stock beneficially owned by
affiliates of Bank of America Corporation at a purchase price of $18.61 per share, the closing price of the
Company’s common stock on the New York Stock Exchange on September 14, 2011. The repurchase was
financed using a combination of cash on hand and borrowings under available credit facilities. The shares
repurchased represented approximately 15.6% of our total shares outstanding.
During October 2011, we issued $500 million aggregate principal amount of 8.00% senior unsecured notes
due 2018. After the payment of related fees and expenses, we used the net proceeds for general corporate
purposes, which included funding a portion of the acquisition of the Colorado Health Foundation’s approximate
40% remaining ownership interest in the HCA-HealthONE LLC joint venture, which was purchased during
October 2011 for $1.450 billion.
Management believes that cash flows from operations, amounts available under our senior secured credit
facilities and our anticipated access to public and private debt markets will be sufficient to meet expected
liquidity needs during the next twelve months.
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