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Community Health amends cash tender offer for notes due 2023
By Taylor Fox
New York, Jan. 19 – Community Health Systems, Inc.’s wholly owned subsidiary, CHS/Community Health Systems, Inc., amended the terms of its cash tender offer for outstanding $1,768,697,000 junior-priority secured notes due 2023 (Cusip: 12543DAZ3), according to a news release.
Community Health has removed the tender cap and increased the tender offer consideration to $1,044.06 per $1,000 of notes tendered, up from $1,035 per $1,000 of notes tendered and accepted.
Holders who tender their notes prior to the early tender deadline of 5 p.m. ET on Feb. 1 will now receive the total consideration of $1,074.06 per $1,000 of notes, up from $1,065, including an early tender payment of $30 per $1,000 of notes tendered.
Community Health will also pay interest up to the applicable settlement date.
The offer will be funded with the net proceeds from its junior-priority secured notes offering, which was upsized to $1.775 billion from $750 million, and cash on hand.
The offer is conditioned upon, among other things, the completion of a debt financing on terms and conditions satisfactory to it yielding gross cash proceeds of $1,768,697,000 or more.
All of the junior-priority notes that remain outstanding will be redeemed at 107.406 plus interest on Feb. 4.
The withdrawal deadline is 5 p.m. ET on Feb. 1.
The offer will expire at 11:59 p.m. ET on Feb. 16.
Credit Suisse Securities (USA) LLC (800 820-1653, 212 538-2147) is the dealer manager, and Global Bondholder Services Corp. (866 470-3800, 212 430-3774; contact @gbsc-usa.com) is the depositary and information agent.
Community Health is a Franklin, Tenn., hospital company.
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