A Medical Device Daily

Universal Hospital Services (UHS; Edina, Minnesota) has priced its cash tender offer to purchase any and all of its outstanding $235 million 10.125% notes, due 2011.

Upon offer consummation, Universal will pay total consideration for each $1,000 of notes tendered and not withdrawn, equal to $1,068.44, plus $8.44 accrued but unpaid interest to each holder of Notes who tendered their notes at or prior to 5 p.m., EDT, May 11, or $1,038.44 plus $8.44 accrued but unpaid interest to each holder of notes who had tendered their notes after 5 p.m., EDT, on May 11, but before 5 p.m. May 29.

The notes will be issued by UHS Merger Sub, a subsidiary of UHS Holdco, as part of the financing that will be used to consummate the acquisition of UHS by Holdco, an affiliate of Bear Stearns Merchant Banking. The sale of the notes and the acquisition are expected to close on May 31, subject to closing conditions.

UHS is a medical equipment lifecycle services company.

Health Care REIT (Toledo, Ohio) reported the acquisition of 17 medical office buildings (MOBs) and Paramount Real Estate Services from affiliates of Rendina Companies (Palm Beach Gardens, Florida) for $287.7 million. Health Care REIT also will assume $146.3 million in debt at an average rate of 5.8%.

"This transaction enhances both the size and quality of our MOB portfolio, while increasing the company's percentage of private pay revenues," said George Chapman, CEO and chairman of Health Care REIT. "In addition, the acquisition of Paramount strengthens our property management platform and capabilities.

The 17 MOBs contain about 900,000 square feet and are in 10 states. Twelve of the 17 MOBs are located on a hospital campus, while 16 are on property ground leased from a hospital.

Health Care REIT said this acquisition will boost the private pay percentage of operators/tenants within its portfolio to 64% and increase MOB assets to about 26%.

Health Care REIT invests in senior housing and healthcare real estate.

Concentra Health Services (Addison, Texas) reported acquiring the assets of United Occupational Health Centers (Lubbock, Texas).

Concentra said that the acquisition marks its initial entry into the Lubbock community and expand its footprint to 40 centers in Texas. Concentra also provides work-related injury and non-injury healthcare services, including pre-employment physicals, flu shots, and drug testing. The new location is located at 160 Slaton Road, Lubbock, Texas 79404.

Concentra operates more than 300 occupational medical centers in 40 states.