Tenet Announces Tender Offer for 10.0% Senior Secured Notes due 2018 and Solicitation of Consents for Proposed Amendments to the

  Tenet Announces Tender Offer for 10.0% Senior Secured Notes due 2018 and
  Solicitation of Consents for Proposed Amendments to the Related Indenture

Business Wire

DALLAS -- January 22, 2013

Tenet Healthcare Corporation (NYSE: THC) announced today that it commenced a
tender offer to purchase for cash (the “Tender Offer”) any and all of the $714
million aggregate principal amount outstanding of its 10.0% Senior Secured
Notes due 2018 (the “Notes”) and a solicitation of consents (the “Consent
Solicitation”) for proposed amendments to the related indenture. The Tender
Offer and the Consent Solicitation are being made pursuant to an Offer to
Purchase and Consent Solicitation Statement dated as of January 22, 2013 (the
“Offer to Purchase and Consent Solicitation Statement”), and related consent
and letter of transmittal. The Tender Offer will expire at 12:00 midnight, New
York City time, on February 19, 2013.

Holders of Notes that are validly tendered prior to the consent payment
deadline of 5:00 p.m., New York City time, on February 4, 2013 and accepted
for purchase will receive total consideration of $1,164.50 per $1,000
principal amount of Notes validly tendered and accepted for purchase, which
includes a consent payment of $30 per $1,000 principal amount of Notes, plus
any accrued and unpaid interest up to, but not including, the initial
settlement date, which is expected to be February 5, 2013.

Pursuant to the Consent Solicitation, Tenet is soliciting from holders of the
Notes consents to (i) amendments to the indenture governing the Notes that
would eliminate most of the covenants, certain events of default applicable to
the Notes and amend certain other provisions contained in such indenture and
the Notes (the "Majority Consent Amendments") and (ii) the release of the
liens on the assets that secure the Notes and the indenture and make any
amendments to the indenture and related security agreements necessary to
effect the release of the liens securing the Notes (the "Supermajority Consent
Amendments"). Adoption of the Majority Consent Amendments requires the consent
of the holders of at least a majority of the outstanding principal amount of
the Notes. Adoption of the Supermajority Consent Amendments requires the
consent of the holders of at least 75% of the outstanding principal amount of
the Notes. Any holder who tenders Notes pursuant to the Tender Offer must
consent to both the Majority Consent Amendments and the Supermajority Consent
Amendments. A holder may not revoke a consent without withdrawing the
previously tendered Notes to which such consent relates. Notes tendered may
only be withdrawn, and related consents revoked, prior to 5:00 p.m., New York
City time, on February 4, 2013, unless extended, except in limited
circumstances where additional withdrawal rights are required by law.

Holders of Notes that are validly tendered after the consent payment deadline,
but prior to the expiration of the Tender Offer, and accepted for purchase
will receive the tender offer consideration of $1,134.50 per $1,000 principal
amount of Notes, plus any accrued and unpaid interest up to, but not
including, the final settlement date, which is expected to be February 20,
2013. Holders of Notes tendered after the consent payment deadline and
accepted for purchase will not receive a consent payment. Consummation of the
Tender Offer and the Consent Solicitation are subject to the satisfaction or
waiver of the conditions set forth in the Offer to Purchase and Consent
Solicitation Statement, including the financing condition and the supplemental
indenture condition described therein. Tenet may amend, extend or terminate
the Tender Offer and the Consent Solicitation in its sole discretion.

This news release is neither an offer to purchase nor a solicitation of an
offer to sell any Notes. The Tender Offer and the Consent Solicitation are
being made only pursuant to the Offer to Purchase and Consent Solicitation
Statement and related letter of transmittal, copies of which will be delivered
to holders of the Notes. Persons with questions regarding the Tender Offer and
the Consent Solicitation should contact one of the following dealer managers –
BofA Merrill Lynch at (800) 292-0070 (toll free) or (980) 387-3907 (collect),
Barclays Capital Inc. 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) 410-4760 (collect) – or the Information
Agent, Global Bondholder Services Corporation, at (866) 540-1500 (toll free)
or (212) 430-3774 (collect).

Tenet Healthcare Corporation, a leading health care services company, through
its subsidiaries operates 49 hospitals, over 100 free-standing outpatient
centers and Conifer Health Solutions, a leader in business process solutions
for health care providers serving more than 500 hospital and health care
entities nationwide. Tenet’s hospitals and related health care facilities are
committed to providing high quality care to patients in the communities they
serve.

Some of the statements in this release may constitute forward-looking
statements. Such 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, 2011, 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.

Contact:

Tenet Healthcare Corporation
Media:
Rick Black, 469-893-2647
Rick.Black@tenethealth.com
or
Investors:
Thomas Rice, 469-893-2522
Thomas.Rice@tenethealth.com
 
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