Tenet Announces Completion of Cash Tender Offer for 9.0% Senior Secured Notes due 2015
December 06 2011 - 4:30PM
Business Wire
Tenet Healthcare Corporation (NYSE: THC) announced today the
completion of its previously announced cash tender offer to
purchase any and all of the $714.012 million aggregate principal
amount outstanding of its 9.0% Senior Secured Notes due 2015. The
tender offer expired at 12:00 midnight, New York City time, on
December 5, 2011. As previously announced, Tenet received tenders
and consents for proposed amendments to the related indenture
governing the notes from the holders of approximately $712.968
million (approximately 99.85%) aggregate principal amount of the
outstanding notes prior to the consent payment deadline of 5:00
p.m., New York City time, on November 18, 2011. After the consent
payment deadline, but prior to the expiration of the tender offer,
Tenet received additional tenders of $22,000 aggregate principal
amount of the outstanding notes.
Holders of the notes tendered after the consent payment deadline
received consideration of $1,052.44 per $1,000 principal amount of
notes tendered, plus accrued and unpaid interest up to, but not
including, the final settlement date of December 6, 2011. The terms
of the tender offer are contained in an offer to purchase and a
related letter of transmittal, each dated as of November 4,
2011.
Tenet purchased the notes tendered before the consent payment
deadline for total consideration of approximately $775.310 million,
representing approximately $771.745 million in principal and
premium payments and approximately $3.565 million in accrued and
unpaid interest through the date of purchase. Tenet purchased the
notes with the net proceeds from its private offering of $900
million aggregate principal amount of 6.25% Senior Secured Notes
due 2018.
Tenet purchased the notes tendered after the consent payment
deadline, but prior to the expiration of the tender offer, for
total consideration of $23,346.18, representing $23,153.68 in
principal and premium payments and $192.50 in accrued and unpaid
interest through the date of purchase. Tenet purchased these notes
with the remaining net proceeds from its private offering of $900
million aggregate principal amount of 6.25% Senior Secured
Notes due 2018.
This news release is neither an offer to purchase nor a
solicitation of an offer to sell any notes. The tender offer was
made pursuant to the offer to purchase and related letter of
transmittal, copies of which were delivered to all holders of the
9.0% Senior Secured Notes due 2015. 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 health care 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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