The largest for-profit acute care hospital system in the US by revenues, HCA (HCA, Financial) is a high- quality company, in our view. During the quarter, the company announced plans to issue new debt for the purpose of redeeming its 2021 paper. The short tenor of this particular bond issue also appeared to help buoy it in a difficult market, as longer HCA paper was much more volatile during the period.
From the First Eagle High Income Fund's first-quarter 2020 shareholder commentary.
