Tenet Announces Repurchase of $299 Million of Mandatory Convertible Preferred Stock

Tenet Announces Repurchase of $299 Million of Mandatory Convertible Preferred Stock Tenet Healthcare Corporation THC today announced it has repurchased $299 million of mandatory convertible preferred stock. This preferred stock would have converted into 51 million shares of the Company's common stock on October 1, 2012, based on the most recent closing share price. In a related private financing, the Company issued $150 million of 8% senior notes due August 1, 2020 and $141.2 million of 6.25% senior secured notes due November 1, 2018. In connection with these transactions, Tenet released its preliminary results for the quarter ended March 31, 2012. First quarter results included net operating revenues of $2.350 billion, an increase of 2.2 percent compared to the first quarter of 2011, and net income attributable to common shareholders of $58 million, or $0.13 per diluted share compared to $73 million, or $0.14 per diluted share, in the first quarter of 2011. State provider fees, Health Information Technology incentives, payer settlements, and gains contributed nearly $40 million more to Adjusted EBITDA in the first quarter of 2011 than similar items contributed in the first quarter of 2012.