Tenet Healthcare receives early tenders for 89.14% of 9 7/8% notes

By Jennifer Chiou

New York, June 12 - Tenet Healthcare Corp. said it has received early tenders for $891.4 million, or 89.14%, of notes in the offer to purchase up to $1 billion of its 9 7/8% senior notes due 2014.

The company said that it expects to settle the early tenders on June 15.

The offer will expire at midnight ET on June 25. It began on May 29.

Tenet said it will pay par plus accrued interest for each $1,000 principal amount of the notes, including a premium of $30.00 for notes tendered by 5 p.m. ET on June 11, which was the early tender date.

The tender offer is subject to a $200 million minimum tender condition and completion of a new senior secured notes offering of at least $200 million.

If the tendered amount exceeds the limit, notes purchased will be prorated.

Banc of America Securities LLC (888 292-0070 or collect 646 855-3322), Goldman, Sachs & Co. (800 828-3182 or collect 212 357-4692) and Citi (800 558-3745) are the dealer managers.

Global Bondholder Services Corp. (866 924-2200 or collect 212 430-3774) is the information agent.

Dallas-based Tenet Healthcare owns and operates acute-care hospitals and provides related health-care services.

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