This problem asks you to analyze the capital structure of HCA, Inc., the largest private operator of health care facilities in the world. In 2006, a syndicate of private equity firms acquired the firm for $31.6 billion and took it private. In November 2010, as interest rates hit record lows, the company announced a dividend recapitalization in which it would distribute an extraordinary $2 billion dividend financed in large part by a $1.53 billion bond offering. A spreadsheet with HCA’s financial statements for 2005–2009 and specific questions is available for download through McGraw-Hill’s Connect or your course instructor (see the Preface for more information).