Tenet Healthcare Refinancing Debt Through Private Placement Offering

Dallas-based Tenet Healthcare Corp. will aim to refinance $3.54 billion of its outstanding debt by offering for sale $3.78 billion of newly issued notes through a private placement. The offering includes secured and unsecured notes due between 2024 and 2025. The notes will be issued by Tenet or THC Escrow Corp.

They are as follows: $830 million aggregate principal amount of newly issued senior secured first-lien notes; $1.04 billion in aggregate principal amount of newly issued senior secured first-lien notes; $1.41 billion in aggregate principal amount of newly issued senior secured second-lien notes; and $500 million in aggregate principal amount of newly issued senior unsecured notes.

Tenet’s current, $3.5 billion debt stems from secure and senior notes due within the next few years. The accumulated charges are as follows: $900 million in outstanding floating-rate notes; $500 million in outstanding 8 percent notes; $1.1 billion in outstanding 5 percent notes; and $1.04 billion in outstanding 6.25 percent notes.

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