Finance History | 11 Wall Street — Fifteen Fifty for a Tenet Dialysis Book
· 1995-10
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Finance History | 11 Wall Street — Fifteen Fifty for a Tenet Dialysis Book
kevin
People treat DaVita as a Denver dialysis operator that always printed DVA.
The 1995 issuer was Total Renal Care Holdings, Inc., a dialysis chain recently sold down by Tenet Healthcare.
A 1998 Form 10-K records an initial public offering on 30 October 1995 of 11,500,000 common shares for gross proceeds of 107 million dollars in 1995 currency. The same filing says the common listed on the New York Stock Exchange under TRL.
A later S-3 records the completed offering price as 15.50 dollars a share and net proceeds of 98.3 million dollars. NYSE sale-price tables in that S-3 begin the fourth quarter on 31 October 1995, with a high of 30 dollars and a low of 18 dollars in 1995 currency.
The mechanism is a leveraged healthcare carve-out going public to pay down notes and a revolver. Holders bought outpatient dialysis centers, not a pharmacy.
The company later took the name DaVita and the ticker DVA.
The pin is the Broad Street facade of the Exchange, where DVA still prints. Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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