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Community Health 8 7/8% notes tender oversubscribed at early deadline
By Jennifer Chiou
New York, Nov. 22 - Community Health Systems, Inc. subsidiary CHS/Community Health Systems, Inc. announced the receipt of early tenders for $2,516,020,000, or 90.36%, of its $2,784,331,000 of 8 7/8% senior notes due 2015 in the cash tender offer for up to $1 billion of the notes.
The offer will end at midnight ET on Dec. 6. It launched on Nov. 9.
Because of the oversubscription of the offer, Community Health said that it has accepted tendered notes for purchase at a proration factor of 39.7861%.
For each $1,000 principal amount, the Franklin, Tenn.-based hospital operator said it paid $1,047.50, including a $30.00 early tender payment for those who tendered prior to 5 p.m. ET on Nov. 21.
The company also paid accrued interest to Nov. 22.
The offer is conditioned on, among other things, debt financing amounting to at least $1 billion.
Credit Suisse Securities (USA) LLC is the dealer manager (800 820-1653 or call collect 212 538-2147). D.F. King & Co., Inc. is the information agent (800 488-8095 or call collect 212 269-5550).
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