Tenet Healthcare buys back $6 million more of its 9¼% notes in quarter

By Susanna Moon

Chicago, May 4 - Tenet Healthcare Corp. repurchased $6 million more of its 9¼% senior notes due 2015 in the open market for about $6 million in cash in the quarter ended March 31, according to a 10-Q filing with the Securities and Exchange Commission.

As of March 31, $483 million principal amount of the notes remained outstanding.

Tenet said on Feb. 23 that it completed open-market repurchases of $1 million principal amount outstanding of its 9¼% notes in December.

The company bought back $2 million principal amount outstanding of its 9¼% notes in the open market for cash of about $2 million in November. It also purchased $8 million of the notes for about $8 million in cash in September 2009.

Tenet said on Sept. 25, 2009 that it bought back $300 million of its 9¼% notes using some proceeds from a $345 million sale of mandatory convertible preferred stock.

The Dallas-based hospital chain said it used $315 million of the net proceeds to repurchase the notes through a privately negotiated transaction.

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