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Community Health unit now tendering for $850 million of 8 7/8% notes
By Susanna Moon
Chicago, March 8 - Community Health Systems, Inc. said its wholly owned subsidiary CHS/Community Health Systems, Inc. will now tender for up to $850 million of its $1,784,331,000 principal amount of outstanding of 8 7/8% senior notes due 2015.
CHS/Community originally planned to purchase up to $700 million of the notes under the offer.
The issuer also extended the early tender deadline by seven hours to midnight ET on March 20, which is also now the new withdrawal deadline, according to a press release.
As previously noted, the total purchase price is $1,047.50, including a $30.00 premium, for each $1,000 principal amount of notes tendered by the early tender deadline.
The company also will pay accrued interest to the settlement date, which is expected to be March 21 for early tendered notes.
Holders may tender notes until 5 p.m. ET on April 4, the offer expiration, but will only receive the base payment of $1,047.50 per $1,000 of notes after the consent date.
The offer began on March 7.
If the amount of tendered notes exceeds the offer cap, then notes will be purchased on a prorated basis.
The offer is conditioned on issuance of at least $750 million of debt and enough funding to purchase the tendered notes.
Community Health Systems priced an upsized $1 billion add-on to its 8% senior notes due Nov. 15, 2019 at 102.5 on March 7.
Credit Suisse Securities (USA) LLC (800 820-1653 or collect 212 538-2147) is the dealer manager. D.F. King & Co., Inc. (800 488-8095 or collect 212 269-5550) is the information agent for the tender offer.
Community Health is a Nashville, Tenn.-based operator of hospitals.
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