Community Health Systems, Inc. Announces Pricing of Upsized Tack-On Offering of $900,000,000 of 6.250% Senior Secured Notes D...
May 09 2017 - 7:15PM
Business Wire
Community Health Systems, Inc. (NYSE: CYH) (the “Company”) today
announced that its wholly owned subsidiary CHS/Community Health
Systems, Inc. (the “Issuer”) has priced a tack-on offering (the
“offering”) of $900,000,000 aggregate principal amount of its
6.250% Senior Secured Notes due 2023 (the “Additional Notes”) at an
issue price of 101.75% of their aggregate principal amount plus
accrued interest from March 16, 2017. The size of the offering was
increased by $200,000,000 aggregate principal amount subsequent to
the initial announcement of the offering.
The sale of the Additional Notes is expected to be consummated
on or about May 12, 2017, subject to customary closing conditions.
The offering is being made by means of an underwritten public
offering pursuant to an automatic shelf registration statement
filed with the Securities and Exchange Commission. The Company
intends to use the net proceeds of the offering to prepay and
extinguish the Company’s Term A Facility, to pay related fees and
expenses and for general corporate purposes, which may include the
repayment of secured debt.
The underwriters in connection with the offering are Credit
Suisse Securities (USA) LLC, BofA Merrill Lynch, Citigroup Global
Markets Inc., Credit Agricole Securities (USA) Inc., Deutsche Bank
Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan
Securities LLC, RBC Capital Markets, LLC, SunTrust Robinson
Humphrey, Inc., Wells Fargo Securities, LLC, BBVA Securities Inc.,
Fifth Third Securities, Inc., Morgan Stanley & Co. LLC, and
Scotia Capital (USA) Inc. The offering will be made only by means
of a prospectus and related prospectus supplement, copies of which
may be obtained on the Securities and Exchange Commission’s website
at www.sec.gov. Alternatively, these documents may be obtained from
Credit Suisse Securities (USA) LLC by directing a request to Credit
Suisse Securities (USA) LLC, Document Retention, 11 Madison Avenue,
New York, NY 10010, or by calling (800) 221-1037 (toll-free).
This press release is neither an offer to sell nor a
solicitation of an offer to buy any securities, nor shall there be
any offer, solicitation or sale in any jurisdiction in which such
offer, solicitation or sale would be unlawful. Such an offer can
only be made by delivery of a prospectus and prospectus supplement,
if applicable, that have been filed with the Securities and
Exchange Commission.
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 146 hospitals in 21 states with an aggregate of
approximately 24,000 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/20170509006849/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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