| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Tenders 2012 > News item |
Community Health accepts tenders equal to offer cap by early deadline
By Susanna Moon
Chicago, March 21 - Community Health Systems, Inc. said investors tendered $1,671,713,000, or 93.7%, of its wholly owned subsidiary CHS/Community Health Systems, Inc.'s outstanding 8 7/8% senior notes due 2015 by the early tender deadline at midnight ET on March 20.
The company accepted for purchase $850 million of the notes using a proration factor of 50.8%, according to a press release.
Settlement for the early tendered notes was slated for March 21.
Holders may no longer withdraw tendered notes, and the company said it will no longer accept tendered notes for purchase.
The company began the offer to purchase up to $700 million of the notes on March 7 and raised the tender offer cap to $850 million the following day.
The issuer also extended the early tender deadline by seven hours.
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.
The tender offer was set to end at 5 p.m. ET on April 4.
The offer was conditioned on issuance of at least $750 million of debt with 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.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.