Community Health tenders for 5 1/8% senior secured notes due 2021

By Sarah Lizee

Olympia, Wash., Jan. 23 – Community Health Systems, Inc. wholly owned subsidiary CHS/Community Health Systems, Inc. launched a cash tender offer for any and all of its outstanding $1 billion 5 1/8% senior secured notes due 2021 (Cusip: 12543DAU4), according to a press release.

The tender offer will expire at midnight ET at the end of the day on Feb. 21.

The total tender consideration will be $1,001.25 per $1,000 of notes, which includes an early tender premium of $30.00.

Holders who tender their notes on or prior to 5 p.m. ET on Feb. 5 will be eligible to receive the early tender premium.

Holders will also receive accrued interest.

Tenders may be withdrawn at any time prior to the early tender date.

The issuer also delivered a conditional notice of redemption to redeem all of the notes not purchased under the tender offer on Feb. 22 at par plus accrued interest to but excluding the redemption date.

The offer is subject to a financing condition that requires the company to complete a debt financing that yields enough cash proceeds to fund the tender offer.

The dealer manager is Credit Suisse Securities (USA) LLC (800 820-1653 toll free or 212 538-2147 collect). Global Bondholder Services Corp. (866 470-3800 toll free, 212 430-3774 collect or contact@gbsc-usa.com) is the tender agent and information agent.

Community Health is a Franklin, Tenn., hospital company.

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