Tenet Announces Private Offering of Senior Notes due 2020
August 03 2010 - 8:14AM
Business Wire
Tenet Healthcare Corporation (NYSE: THC) announced today that it
is offering to sell $600 million aggregate principal amount of
senior unsecured notes maturing in 2020 through a private
placement. The notes will be senior unsecured obligations of Tenet
that will rank equally with Tenet’s other existing and future
senior unsecured indebtedness, will rank senior to Tenet’s existing
and future subordinated indebtedness and will be effectively
subordinated to any existing and future secured indebtedness of
Tenet to the extent of the value of the collateral securing such
secured indebtedness. The proceeds from the offering will be used
to pay for a portion of the purchase price for the repurchase of
Tenet’s 7.375% senior notes due 2013 pursuant to the tender offer
announced today. Tenet will use any remaining net proceeds for
repurchases of its outstanding senior notes through publicly or
privately negotiated transactions.
The notes being offered have not been registered under the
Securities Act of 1933 or any state securities laws. As a result,
they may not be offered or sold in the United States or to any U.S.
persons, except pursuant to an applicable exemption from, or in a
transaction not subject to, the registration requirements of the
Securities Act. Accordingly, the notes are being offered only to
“qualified institutional buyers” under Rule 144A of the Securities
Act or, outside the United States, to persons other than “U.S.
persons” in compliance with Regulation S under the Securities Act.
A confidential offering memorandum, dated today, will be made
available to such eligible persons. The offering is being conducted
in accordance with the terms and subject to the conditions set
forth in the offering memorandum.
This news release is neither an offer to sell nor a solicitation
of an offer to buy, nor shall there be any sale of, these
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful.
Some of the statements in this release may constitute
forward-looking statements. Such statements are based
on our current expectations and could be affected by
numerous factors and are subject to various risks and
uncertainties discussed in our filings with the
Securities and Exchange Commission, including our annual
report on Form 10-K for the year ended Dec. 31, 2009, our quarterly
reports on Form 10-Q and periodic reports on Form 8-K. Do not rely
on any forward-looking statement, as we cannot predict or control
many of the factors that ultimately may affect our ability to
achieve the results estimated. We make no promise to update any
forward-looking statement, whether as a result of changes in
underlying factors, new information, future events or
otherwise.
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