Tenet Announces Private Offering of Senior Secured Notes
DALLAS -- January 22, 2013
Tenet Healthcare Corporation (NYSE: THC) announced today that it is offering
to sell $850 million aggregate principal amount of senior secured notes
maturing in 2021 through a private placement. The senior secured notes will be
guaranteed by and secured by a pledge of the capital stock and other ownership
interests of certain of Tenet’s subsidiaries. The proceeds from the offering
will be used to purchase Tenet’s 10.0% senior secured notes due 2018 in a
tender offer. Tenet will use any remaining net proceeds for repurchases of its
outstanding senior secured notes through publicly 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 notes being offered have not been registered under the Securities Act of
1933, as amended (the “Securities Act”), or any 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 are being 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 senior secured
notes, dated today, will be made available to such eligible persons. The
offering is being conducted in accordance with the terms and subject to the
conditions set forth in the 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.
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
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.
Tenet Healthcare Corporation
Rick Black, 469-893-2647
Thomas Rice, 469-893-2522
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