<html xmlns="http://www.w3.org/1999/xhtml" xmlns="http://www.w3.org/1999/xhtml">
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 <body xmlns="http://www.w3.org/1999/xhtml">
 
 Tenet Healthcare Corporation THC established today the pricing 
 of the previously announced private offering of newly issued notes to 
 refinance $3.541 billion of its currently outstanding notes. The 
 offering includes:
 
 <ul xmlns="http://www.w3.org/1999/xhtml">
 <li xmlns="http://www.w3.org/1999/xhtml" class="bwlistitemmargb">
 $830 million aggregate principal amount of senior secured first lien 
 notes due 2024, which will bear interest at a rate of 4.625% per 
 annum, to be issued by Tenet;
 </li>
 <li xmlns="http://www.w3.org/1999/xhtml" class="bwlistitemmargb">
 $1.040 billion aggregate principal amount of senior secured first lien 
 notes due 2024, which will bear interest at a rate of 4.625% per 
 annum, to be issued by THC Escrow Corporation III ("THC Escrow Corp.");
 </li>
 <li xmlns="http://www.w3.org/1999/xhtml" class="bwlistitemmargb">
 $1.410 billion aggregate principal amount of senior secured second 
 lien notes due 2025, which will bear interest at a rate of 5.125% per 
 annum, to be issued by THC Escrow Corp; and
 </li>
 <li xmlns="http://www.w3.org/1999/xhtml" class="bwlistitemmargb">
 $500 million aggregate principal amount of senior unsecured notes due 
 2025, which will bear interest at a rate of 7.00% per annum, to be 
 issued by THC Escrow Corp. (collectively, the "notes").
 </li>
 </ul>
 
 Tenet intends to use the net proceeds from the sale of the notes, after 
 payment of fees and expenses, to fund the redemption and discharge of:
 
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 <li xmlns="http://www.w3.org/1999/xhtml" class="bwlistitemmargb">
 $900 million aggregate principal amount of its outstanding Floating 
 Rate Senior Secured Notes due 2020;
 </li>
 <li xmlns="http://www.w3.org/1999/xhtml" class="bwlistitemmargb">
 $500 million aggregate principal amount of its outstanding 8% Senior 
 Notes due 2020;
 </li>
 <li xmlns="http://www.w3.org/1999/xhtml" class="bwlistitemmargb">
 $1.100 billion aggregate principal amount of its outstanding 5% Senior 
 Notes due 2019; and
 </li>
 <li xmlns="http://www.w3.org/1999/xhtml" class="bwlistitemmargb">
 $1.041 billion aggregate principal amount of its outstanding 6.25% 
 Senior Secured Notes due 2018 (collectively, the "redemptions").
 </li>
 </ul>
 
 Upon the completion of the redemptions, the notes issued by THC Escrow 
 Corp. will become the obligations of Tenet.
 
 
 The notes will not be registered under the Securities Act of 1933, as 
 amended (the "Securities Act"), or any other 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 will be 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 for the notes will be made available to such 
 eligible persons. The offering will be conducted in accordance with the 
 terms and subject to the conditions set forth in such 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.
 
 
 About Tenet Healthcare
 
 
 Tenet Healthcare Corporation is a diversified healthcare services 
 company with 130,000 employees united around a common mission: to help 
 people live happier, healthier lives. Through its subsidiaries, 
 partnerships and joint ventures, including United Surgical Partners 
 International, the company operates 80 general acute care hospitals, 20 
 short-stay surgical hospitals and approximately 470 outpatient centers 
 in the United States, as well as nine facilities in the United Kingdom. 
 Tenet's Conifer Health Solutions subsidiary provides technology-enabled 
 performance improvement and health management solutions to hospitals, 
 health systems, integrated delivery networks, physician groups, 
 self-insured organizations and health plans. For more information, 
 please visit <a xmlns="http://www.w3.org/1999/xhtml" href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.tenethealth.com&amp;esheet=51570028&amp;newsitemid=20170605006285&amp;lan=en-US&amp;anchor=www.tenethealth.com&amp;index=1&amp;md5=eef95176bff6a588fe5cfd1db2adffe1" rel="nofollow" rel="nofollow">www.tenethealth.com</a>.
 
 
 The terms "THC", "Tenet Healthcare Corporation", "the company", "we", 
 "us" or "our" refer to Tenet Healthcare Corporation or one or more of 
 its subsidiaries or affiliates as applicable.
 
 
 This release contains "forward-looking statements" – that is, statements 
 that relate to future, not past, events. In this context, 
 forward-looking statements often address our expected future business 
 and financial performance and financial condition, and often contain 
 words such as "expect," "assume," "anticipate," "intend," "plan," 
 "believe," "seek," "see," or "will." Forward-looking statements by their 
 nature address matters that are, to different degrees, uncertain. 
 Particular uncertainties that could cause our actual results to be 
 materially different than those expressed in our forward-looking 
 statements include, but are not limited to, uncertainties about the 
 closing of the offering, the expected use of proceeds and the factors 
 disclosed under "Forward-Looking Statements" and "Risk Factors" in our 
 Form 10-K for the year ended December 31, 2016, Form 10-Q for the 
 quarterly period ended March 31, 2017 and other filings with the 
 Securities and Exchange Commission.
 
 
 Tenet uses its company website to provide important information to 
 investors about the company including the posting of important 
 announcements regarding financial performance and corporate developments.
 
 
 
 <img xmlns="http://www.w3.org/1999/xhtml" alt="" src="http://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20170605006285r1&amp;sid=benz2&amp;distro=nx&amp;lang=en"></img>View source version on businesswire.com: <a xmlns="http://www.w3.org/1999/xhtml" href="http://www.businesswire.com/news/home/20170605006285/en/" rel="nofollow" rel="nofollow">http://www.businesswire.com/news/home/20170605006285/en/</a></body></html>

Press Releases

Tenet Announces Pricing of its Private Offering of Senior Secured and Unsecured Notes to Refinance $3.541 Billion in Outstanding Notes - Tenet Healthcare (NYSE:THC)

Tenet Healthcare

Tenet Announces Pricing of its Private Offering of Senior Secured and Unsecured Notes to Refinance $3.541 Billion in Outstanding Notes


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