Tenet Announces Private Offering of Senior Secured Notes due 2018
November 04 2011 - 9:10AM
Business Wire
Tenet Healthcare Corporation (NYSE: THC) announced today that it
is offering to sell $750 million aggregate principal amount of
senior secured notes maturing in 2018 through a private placement.
The notes will rank pari passu with Tenet’s 9% senior secured notes
due 2015 not purchased in the tender offer referenced below, which
were issued in March 2009, and 10% senior secured notes due 2018,
which were issued in March 2009, and 8.875% senior secured notes
due 2019, which were issued in June 2009, and similarly will be
guaranteed by and secured by a pledge of the capital stock and
other ownership interests of certain of Tenet’s subsidiaries. The
proceeds from the offering will be used to purchase Tenet’s 9%
senior secured notes due 2015 in a tender offer. 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.
Tenet Healthcare Corporation is a health care services company
whose subsidiaries and affiliates own and operate acute care
hospitals, ambulatory surgery centers and diagnostic imaging
centers. Tenet’s hospitals and related healthcare facilities are
committed to providing high quality care to patients in the
communities they serve. For more information, please visit
www.tenethealth.com.
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, 2010, 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.
Tenet uses its company web site to provide
important information to investors about the company
including
the posting of important announcements
regarding financial performance and corporate developments.
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