Tenet Healthcare amends credit facility, cutting rate on revolver

By Jennifer Chiou

New York, Dec. 1 - Tenet Healthcare Corp. entered into an amendment and restatement of its credit agreement with Citicorp USA, Inc. as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The Dallas-based hospital chain said that the changes, among other things, extend the scheduled termination date of the agreement, reduce interest rates on revolving loans and, in certain circumstances, lower unused commitment fees.

Borrowings under the revolver will accrue interest at Libor plus 225 basis points during the initial six-month period after the effectiveness of the amendment. Thereafter, the rate ranges from Libor plus 200 bps to 250 bps based on available credit.

The filing added that the unused commitment fee will be 43.8 bps during the initial six-month period, and then it will range from 37.5 bps to 50 bps based on available credit.

© 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.