Tenet Announces Pricing of Its Private Offering of Senior Secured Notes

  Tenet Announces Pricing of Its Private Offering of Senior Secured Notes

Business Wire

DALLAS -- January 22, 2013

Tenet Healthcare Corporation (NYSE: THC) announced today the pricing of its
previously announced private offering of senior secured notes maturing in
2021. A total of $850 million aggregate principal amount of senior secured
notes, which will bear interest at a rate of 4.5% per annum, will be issued.
The senior secured notes will rank senior to Tenet’s existing and future
subordinated indebtedness, be effectively senior to Tenet’s existing and
future unsecured indebtedness and other liabilities to the extent of the value
of the collateral securing the senior secured notes or guarantees thereon, and
will rank pari passu with Tenet’s 6.25% senior secured notes due 2018, which
were issued in November 2011 and April 2012, any 10% senior secured notes due
2018 that are not tendered in the tender offered mentioned below, which were
issued in March 2009, its 8.875% senior secured notes due 2019, which were
issued in June 2009 and its 4.750% senior secured notes due 2020, which were
issued in October 2012, and similarly will be guaranteed by and secured by a
pledge of the capital stock and other ownership interests of certain of
Tenet’s subsidiaries, and will be subordinated to Tenet’s obligations under
its senior secured revolving credit facility, and any of its subsidiaries’
secured guarantees thereof, to the extent of the value of the collateral
securing borrowings under such facility. The proceeds from the offering will
be used to purchase Tenet’s 10% senior secured notes due 2018 in a tender
offer. Tenet will use any remaining net proceeds for purchases of its
outstanding senior secured 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 offering of the senior secured notes is
expected to close on February 5, 2013, subject to customary closing
conditions.

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, has been 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
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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