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Community Health Systems Raises $1.6 Billion to Refinance Debt

Community Health Systems Inc., the second-largest U.S. hospital chain, raised $1.6 billion to refinance debt.

The issue of 5.125 percent, six-year notes, which was increased from $1.25 billion, yields 423 basis points more than similar-maturity Treasuries, according to data compiled by Bloomberg. Proceeds from the senior-secured notes will be used to buy a portion of $2.2 billion of term loans due in 2014, the Franklin, Tennessee-based company said today in a regulatory filing.

The company tapped the debt market less than two weeks after the U.S. Supreme Court decided June 28 to leave President Barack Obama’s transformation of the health system substantially intact. Speculative-grade bonds of health-care providers rallied after the ruling, which boosted investor optimism for the industry by reducing the risk that the companies will be stuck with unpaid bills.

The hospital company sold $1.2 billion of 7.125 percent, eight-year bonds July 9, according to data compiled by Bloomberg. The securities traded at 105 cents on the dollar for a yield of 6.31 percent as of 3:55 p.m. in New York, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.

Credit Suisse Group AG, Bank of America Corp., Citigroup Inc., Credit Agricole SA, Goldman Sachs Group Inc., JPMorgan Chase & Co., Morgan Stanley, Royal Bank of Canada, SunTrust Banks Inc. and Wells Fargo & Co. managed the sale, Bloomberg data show. HCA Holdings Inc. is the largest U.S. hospital chain.

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