Tenet to call $300 million 6¾% notes via second-lien issue due 2027

By Susanna Moon

Chicago, Jan. 22 – Tenet Healthcare Corp. plans to issue a call for its $300 million outstanding principal amount of its 6¾% senior notes due Feb. 1, 2020.

In all, the company plans to refinance $768 million of its notes through an offering of $750 million of new senior secured second-lien notes due 2027 under Rule 144A and Regulation S, according to a company announcement.

Remaining proceeds of the new issue, along with cash on hand or borrowings under the company’s revolving credit agreement, will be used to fund the repayment of the company’s $468 million 5½% senior notes due March 1, 2019 at maturity.

Tenet is a Dallas-based owner and operator of acute care hospitals, ambulatory surgery centers, diagnostic imaging centers and related health care facilities.

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