Universal Health ( UHS) set an additional 5 million share repurchase program.

The King of Prussia, Pa.-based hospital company said previously announced authorizations have 386,000 shares remaining.

The company is repurchasing the shares after 90% of its convertible debenture holders exercised their option to convert their debentures into shares of the company's class B common stock, as a result of which about 5.9 million shares of the company's class B common stock were issued.

The new authorization will allow the company to repurchase the additional shares of class B common stock which were issued as a result of the conversion by debenture holders, as well as replenish the company's previous authorization.
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