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Community Health Systems tenders for $735 million 8% secured notes
By Wendy Van Sickle
Columbus, Ohio, Dec. 11 – Community Health Systems, Inc. said wholly owned subsidiary CHS/Community Health Systems, Inc. began a cash tender offer for up to $735 million of its $2,101,000,000 outstanding principal amount of 8% senior secured notes due 2026 (Cusips: 12543DBC3, U17127AL2), according a press release.
The company is offering a total consideration per $1,000 principal amount of $1,000, which includes an early tender payment of $30 that will be paid only to holders who tender by the early deadline, 5 p.m. ET on Dec. 22, which is also the withdrawal deadline.
The offer will expire at 5 p.m. ET on Jan. 10.
Holders will also receive accrued interest to the settlement date.
If the issuer elects to have an early settlement, it is expected to occur on Dec. 28.
The company plans to use the proceeds from its offering of senior secured notes due Jan. 15, 2032 to fund the tender offer, which is conditioned on that financing yielding gross cash proceeds of at least $735 million.
Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) is the dealer manager.
Global Bondholder Services Corp. (855 654-2015, 212 430-3774 or contact@gbsc-usa.com) is the depositary and information agent.
Community Health Systems is a Franklin, Tenn.-based health care provider.
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