Tenet Said to Plan $4.6 Billion of Bonds to Fund Vanguard Buyout
The third-biggest publicly traded U.S. hospital chain may sell $2.8 billion of 8.5-year bonds and $1.8 billion of seven-year notes this week, according to a person with knowledge of the transaction.
The offering follows a $1.05 billion issue in May and is poised to be the Dallas-based company’s largest on record, according to data compiled by Bloomberg.
Tenet agreed to buy Vanguard in June for about $1.8 billion. The purchase gives Tenet 28 hospitals in the Chicago, Phoenix, Detroit, Boston and San Antonio, Texas, regions.
Bank of America Corp., Barclays Plc, Citigroup Inc. and Wells Fargo & Co. are managing the offering, said the person, who asked not to be identified because terms aren’t set. The bonds may be sold on Sept. 13.
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