Community Health Systems, Inc. Announces Early Tender Offer Results for 5.125% Senior Secured Notes Due 2018
March 16 2017 - 4:30PM
Business Wire
Community Health Systems, Inc. (the “Company”) (NYSE: CYH) today
announced the early tender results of the previously announced cash
tender offer by its wholly owned subsidiary, CHS/Community Health
Systems, Inc. (the “Issuer”), for any and all of the Issuer’s
outstanding 5.125% Senior Secured Notes due 2018 (the “2018 Notes”)
on the terms and subject to the conditions set forth in the
Issuer’s Offer to Purchase dated March 2, 2017, and the
accompanying Letter of Transmittal dated March 2, 2017.
As of the early tender deadline of 5:00 p.m., New York City
time, on March 15, 2017 (the “Early Tender Deadline”), $469,480,000
in aggregate principal amount, or approximately 67.07 percent, of
the outstanding 2018 Notes had been validly tendered and not
withdrawn. All 2018 Notes validly tendered and not withdrawn by the
Early Tender Deadline were accepted for purchase by the Issuer.
The following table sets forth the outstanding principal amount
of 2018 Notes, the principal amount that had been tendered and not
withdrawn as of the Early Tender Deadline and the principal amount
accepted for purchase by the Issuer:
CUSIP No. Title of Security
Aggregate
Principal
Amount Outstanding
Aggregate Principal
Amount
Tendered and
Not Withdrawn
Aggregate Principal
Amount Accepted
for Purchase
12543D AR1
5.125% Senior Secured
Notes due 2018
$700,000,000 $469,480,000 $469,480,000
Payment for 2018 Notes accepted for purchase by the Issuer is
expected to be made today, March 16, 2017. The tender offer is
scheduled to expire at 11:59 p.m., New York City time, on March 29,
2017, unless extended or earlier terminated by the Issuer. The
Issuer reserves the right to amend, extend or terminate the tender
offer at any time subject to applicable law.
The Issuer has retained Credit Suisse Securities (USA) LLC, BofA
Merrill Lynch and J.P. Morgan Securities LLC to act as dealer
managers in connection with the tender offer. Questions about the
tender offer may be directed to Credit Suisse Securities (USA) LLC
at (800) 820-1653 (toll free) or (212) 538-2147 (collect). Copies
of the tender offer documents and other related documents may be
obtained from D.F. King & Co., Inc., the tender agent and
information agent for the tender offer, at (888) 886-4425 (toll
free) or (212) 269-5550 (collect) or email chs@dfking.com.
The tender offer is being made solely by means of the tender
offer documents. Under no circumstances shall this press release
constitute an offer to purchase or the solicitation of an offer to
sell the 2018 Notes or any other securities of the Issuer or any
other person, nor shall there be any offer or sale of any 2018
Notes or other securities in any state or jurisdiction in which
such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction. No recommendation is made as to whether holders of
the 2018 Notes should tender their 2018 Notes.
About Community Health Systems, Inc.
Community Health Systems, Inc. is one of the largest publicly
traded hospital companies in the United States and a leading
operator of general acute care hospitals in communities across the
country. The Company, through its subsidiaries, owns, leases or
operates 158 hospitals in 22 states with an aggregate of
approximately 26,000 licensed beds.
The Company’s headquarters are located in Franklin, Tennessee, a
suburb south of Nashville. Shares in Community Health Systems, Inc.
are traded on the New York Stock Exchange under the symbol
“CYH.”
Forward-Looking Statements
Statements contained in this press release regarding the
proposed transactions and other events are forward-looking
statements that involve risk and uncertainties. Actual future
events or results may differ materially from these statements.
Readers are referred to the documents filed by Community Health
Systems, Inc. with the Securities and Exchange Commission,
including the Company’s annual report on Form 10-K, current reports
on Form 8-K and quarterly reports on Form 10-Q. These filings
identify important risk factors and other uncertainties that could
cause actual results to differ from those contained in the
forward-looking statements. The Company undertakes no obligation to
revise or update any forward-looking statements, or to make any
other forward-looking statements, whether as a result of new
information, future events or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20170316006154/en/
Community Health Systems, Inc.Investor Contacts:W. Larry
Cash, 615-465-7000President of Financial Services and Chief
Financial OfficerorRoss W. Comeaux, 615-465-7012Senior Director –
Investor RelationsorMedia Contact:Tomi Galin,
615-628-6607Senior Vice President, Corporate Communications,
Marketing and Public Affairs
Community Health Systems (NYSE:CYH)
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