Westworld Offers 825,000 Shares of Common Stock

Westworld Community Healthcare Inc. said Friday that it began an offering of 825,000 shares of common stock at $12 a share, as well as an offering of $35 million in subordinated debentures due to mature Dec. 1, 2000.

As of the company’s latest annual meeting, May 3, 1985, Westworld had 3.6 million shares of common stock outstanding.

Proceeds of the offering will be used for capital improvements, to pay off bank debt and to fund future acquisitions, the company said. Drexel Burnham Lambert was the sole manager of the debenture offering and co-manager of the common offering with Sanford C. Bernstein & Co. Inc.

The offering was Westworld’s first since its organization in 1982. Lake Forest-based Westworld has either purchased or reached agreements to purchase 34 hospitals in rural communities.