Tenet Healthcare may issue convertibles

By Angela McDaniels

Tacoma, Wash., July 3 - Tenet Healthcare Corp. said it may issue secured debt, convertible debt or preferred stock as well as other unsecured debt in order to refinance its existing unsecured senior debt.

The company may pursue these alternatives if market conditions and other considerations warrant, according to an 8-K filing with the Securities and Exchange Commission.

To provide greater flexibility to pursue these alternatives, the company amended its credit agreement on June 30. The amendment limits secured refinancing debt to the greater of $1 billion or two times the secured debt-to-EBITDA ratio.

Tenet Healthcare is a Dallas-based owner and operator of acute care hospitals and related health-care services.

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