Tenet Announces Completion of Its Private Offering of 6.25% Senior Secured Notes due 2018 & Early Tender Results of Its Tende...
November 21 2011 - 12:49PM
Business Wire
Tenet Healthcare Corporation (NYSE: THC) announced today the
successful completion of its previously announced private offering
of $900 million aggregate principal amount of its 6.25% Senior
Secured Notes due 2018. Tenet intends to use the net proceeds from
the offering to fund the payment of the consideration for its
previously announced cash tender offer for any and all of the
outstanding $714.012 million aggregate principal amount of its 9.0%
Senior Secured Notes due 2015 (the “Notes”). In connection with the
tender offer, Tenet is also soliciting consents for certain
amendments to the related indenture governing the Notes. The terms
of the tender offer and the consent solicitation are contained in
an offer to purchase and consent solicitation statement dated
November 4, 2011 and a related letter of transmittal. The
tender offer will expire at 12:00 midnight, New York City time, on
December 5, 2011.
As of the consent payment deadline of 5:00 p.m., New York City
time, on November 18, 2011, $712.968 million (approximately 99.85%)
aggregate principal amount of the outstanding Notes had been
validly tendered and not validly withdrawn. Based on such tenders,
consents have been validly delivered and not validly revoked in
respect of more than a majority of the outstanding principal amount
of the Notes, which is sufficient to approve the proposed
amendments to the indenture. As a result, Tenet, the guarantors of
the Notes and the trustee under the indenture have executed a
supplemental indenture to amend the indenture.
Holders that validly tendered prior to the consent payment
deadline and whose notes were accepted will receive total
consideration of $1,082.44 per $1,000 principal amount of purchased
notes, which includes a consent payment of $30.00 per $1,000
principal amount of the notes, plus accrued and unpaid interest up
to, but not including, the initial settlement date of November 21,
2011.
Holders that validly tender after the consent payment deadline,
but prior to the expiration of the tender offer, and whose notes
are accepted will receive the tender offer consideration of
$1,052.44 per $1,000 principal amount of notes, plus accrued and
unpaid interest up to, but not including, the final settlement
date, which is expected to be December 6, 2011. Holders of the
Notes that tender after the consent payment deadline will not
receive a consent payment. Any notes tendered after the withdrawal
deadline of 5:00 p.m., New York City time, on November 18, 2011 may
not be withdrawn except as required by law.
This press release is neither an offer to purchase nor a
solicitation of an offer to sell any notes. The tender offer is
being made pursuant to the offer to purchase and consent
solicitation statement and the related letter of transmittal,
copies of which have been delivered to all holders of the Notes.
Persons with questions regarding the tender offer should contact
one of the following dealer managers — BofA Merrill Lynch at (888)
292-0070 (toll free) or (980) 683-3215 (collect), Barclays Capital
at (800) 438-3242 (toll free) or (212) 528-7581 (collect),
Citigroup at (800) 558-3745 (toll free) or Wells Fargo Securities
at (866) 309-6316 (toll free) or (704) 715-8341 (collect) — or the
Information Agent, Global Bondholder Services Corporation, at (866)
540-1500 (toll free) or (212) 430-3774 (collect).
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 forward-looking 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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