Tenet Healthcare Corporation THC announced today the successful
completion of its previously announced private offering of $500 million
aggregate principal amount of its 4.75% Senior Secured Notes due 2020 and $300
million aggregate principal amount of its 6.75% Senior Notes due 2020.
The proceeds from the offering will be used to purchase Tenet's 7.375% Senior
Notes due 2013 (the “Notes”) in a tender offer. Tenet will use any remaining
net proceeds for purchases of its other outstanding senior notes through
public or privately negotiated transactions, and for general corporate
purposes, including the repayment of indebtedness and drawings under its
senior secured revolving credit facility and strategic acquisitions. The terms
of the tender offer are contained in an offer to purchase dated October 1,
2012 and a related letter of transmittal. The tender offer will expire at
12:00 midnight, New York City time, on October 29, 2012.
As of the early tender time of 5:00 p.m., New York City time, on October 15,
2012, $160,791,000 aggregate principal amount of the outstanding Notes had
been validly tendered and not validly withdrawn.
Holders that validly tendered prior to the early tender time and whose Notes
were accepted will receive total consideration of $1,019.67 per $1,000
principal amount of purchased Notes, which includes an early tender premium of
$30.00 per $1,000 principal amount of Notes, plus accrued and unpaid interest
up to, but not including, the initial settlement date of October 16, 2012.
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