| Notes |
In March 2017, Cerberus acquired Easton, along with seven other hospitals, in a leveraged buyout for an undisclosed amount from Community Health Systems (CHS). While we don’t know how much debt Steward took on in order to buy out Easton, the typical private equity buyout includes debt financing in the range of 50 percent to 70 percent of the purchase price, which the acquisition, in this case Easton Hospital, is expected to repay. We do know that at the time of the sale, Steward sold the property of all eight hospitals to a real-estate investment trust, Medical Properties Trust (MPT), and pocketed $304 million in return. |