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Tenet plans $1.8 billion loan, $2.8 billion notes for Vanguard buy
By Sara Rosenberg
New York, June 24 - Tenet Healthcare Corp. plans on getting a $1.8 billion senior secured term loan and issuing $2.8 billion of senior unsecured notes to help fund its acquisition of Vanguard Health Systems Inc., according to an 8-K filed with the Securities and Exchange Commission on Monday.
Bank of America Merrill Lynch is the sole bookrunner and lead arranger on the debt.
The notes are backed by a commitment for a $2.8 billion senior unsecured bridge loan.
Under the agreement, Tenet is buying Vanguard for $21 per share in an all-cash transaction. The acquisition is valued at $4.3 billion including the assumption of $2.5 billion in Vanguard debt.
Closing is expected before year-end, subject to customary conditions and regulatory approvals.
Tenet is a Dallas-based health care services company. Vanguard is a Nashville, Tenn.-based owner and operator of acute care and specialty hospitals and complementary facilities.
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