Arrangement of Financing for Community Health Systems’s Acquisition of Health Management Associates

On July 29, 2013, Community Health Systems, Inc. and Health Management Associates, Inc. announced that they have entered into a definitive merger agreement pursuant to which Community Health Systems will acquire Health Management Associates in a transaction valued at approximately US$7.6 billion. Cravath represented BofA Merrill Lynch and Credit Suisse in connection with the arrangement of a multi‑billion dollar committed financing package.

Community Health Systems is one of the largest publicly traded hospital companies in the United States and a leading operator of general acute care hospitals in non‑urban and mid‑size markets throughout the country. Health Management Associates owns and manages hospitals and ambulatory surgery centers in small cities and selected larger urban markets.

The Cravath team included partners Michael S. Goldman, Joseph D. Zavaglia and Stephen M. Kessing and associates Manoj Ramachandran and Bomi Lee on financing matters. Summer associates Katherine M. Stork and Emily L. Willborn also worked on this matter.