Vanguard Health Systems has raised $450 million in an initial public offering, Bloomberg reports. The hospital operator controlled by Blackstone Group will list its shares on the New York Stock Exchange.
The company, which sold 25 million shares at $18 each, intends to use the proceeds to pay down debt. Bank of America, Barclays, Citigroup, Deutsche Bank and JPMorgan Chase acted as lead managers on the sale.
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