Tenet holders tender 78% of notes so far in offer for $800 million

By Susanna Moon

Chicago, Aug. 17 - Tenet Healthcare Corp. said holders tendered $781.5 million principal amount, or 78.3%, its 7 3/8% senior notes due 2013 as of 5 p.m. ET on Aug. 16, the early tender date.

The tender offer for up to $800 million of the notes will end at midnight ET on Aug. 30.

The Dallas-based hospital chain said it will pay $1,055 per $1,000 principal amount, including an early tender premium of $30.00, for those who tender prior to 5 p.m. ET on Aug. 16.

Tenet will also pay accrued interest up to the settlement date.

The offer is conditioned on tenders for $600 million minimum of notes as well as the completion of a new senior note offering.

The dealer managers are Barclays Capital (800 438-3242 or call collect 212 528-7581), Bank of America Merrill Lynch (888 292-0070 or call collect 980 388-9217), Goldman Sachs & Co. (800 828-3182 or call collect 212 902-5183) and Citi (800 588-3745). The information agent is Global Bondholder Services Corp. (866 795-2200 or call collect 212 430-3774).

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