Tenet Healthcare to price $850 million bullet notes due 2021 Tuesday

By Paul A. Harris and Aleesia Forni

Columbus, Ohio, Jan. 22 - Tenet Healthcare Corp. is planning to price $850 million senior secured notes due 2021 (expected ratings B1/B+) on Tuesday, a market source said.

The Dallas-based health care services company was scheduled to hold an investor call at 11 a.m. ET.

Bank of America Merrill Lynch, Barclays, Citigroup Global Markets Inc. and Wells Fargo Securities LLC are the joint bookrunners.

Scotiabank, Morgan Stanley & Co. LLC and SunTrust Robinson Humphrey Inc. are the co-managers.

The Rule 144A notes will be non-callable and feature a make-whole call at Treasuries plus 50 bps.

The notes carry a 101% poison put.

Proceeds will be used to fund the tender for the company's 10% senior secured notes due 2018, to purchase other outstanding senior secured notes and for general corporate purposes.

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