Tenet to keep strengthening its capital structure; leverage is 4.37x

By Devika Patel

Knoxville, Tenn., June 9 – Tenet Healthcare Corp. plans to keep strengthening its capital structure, even after securing $1.9 billion of revolver capacity and ending the last quarter with a 4.37x leverage ratio, which is within its target range.

“We continue to do things to strengthen our capital structure,” executive chairman and chief executive officer Ronald A. Rittenmeyer said at the Goldman Sachs Annual Global Healthcare Conference on Wednesday.

“Obviously, our [leverage] ratio was down in the fours, which is what we’ve been targeting.

“I think the quarter came in at 4.37x, overall and, at this point, our free cash flow is also doing very well,” he said.

The company has plenty of liquidity through its revolver.

“We renewed our revolver capacity back to $1.9 billion,” Rittenmeyer said.

The company is a Dallas-based health care provider.

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