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Tenet drops $1.8 billion term loan, shifts proceeds to junk bond deal
By Paul A. Harris
Portland, Ore., Sept. 6 - Tenet Healthcare Corp. announced in a Friday press release that it plans to sell $1.8 billion of secured notes and $2.8 billion of unsecured notes.
The $1.8 billion of secured debt had previously been expected to materialize in the form of a bank loan.
The Rule 144A and Regulation S note offering will be led by BofA Merrill Lynch and is expected to be launched during the week ahead, market sources say.
Proceeds will be used to help fund the acquisition of Vanguard Health, expected to close before the end of 2013, and also to refinance some of Vanguard's existing debt.
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