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Tenet Healthcare Corporation (NYSE: THC) announced today the successful completion of its previously announced private offering of $500 million aggregate principal amount of its 4.75% Senior Secured Notes due 2020 and $300 million aggregate principal amount of its 6.75% Senior Notes due 2020.
The proceeds from the offering will be used to purchase Tenet’s 7.375% Senior Notes due 2013 (the “Notes”) in a tender offer. Tenet will use any remaining net proceeds for purchases of its other outstanding senior notes through public or privately negotiated transactions, and for general corporate purposes, including the repayment of indebtedness and drawings under its senior secured revolving credit facility and strategic acquisitions. The terms of the tender offer are contained in an offer to purchase dated October 1, 2012 and a related letter of transmittal. The tender offer will expire at 12:00 midnight, New York City time, on October 29, 2012.
As of the early tender time of 5:00 p.m., New York City time, on October 15, 2012, $160,791,000 aggregate principal amount of the outstanding Notes had been validly tendered and not validly withdrawn.
Holders that validly tendered prior to the early tender time and whose Notes were accepted will receive total consideration of $1,019.67 per $1,000 principal amount of purchased Notes, which includes an early tender premium of $30.00 per $1,000 principal amount of Notes, plus accrued and unpaid interest up to, but not including, the initial settlement date of October 16, 2012.
Holders that validly tender after the early tender time, but prior to the expiration of the tender offer, and whose Notes are accepted will receive the tender offer consideration of $989.67 per $1,000 principal amount of Notes, plus accrued and unpaid interest up to, but not including, the final settlement date, which is expected to be October 30, 2012. Holders of the Notes that tender after the early tender time will not receive an early tender premium. Any Notes tendered after the withdrawal deadline of 5:00 p.m., New York City time, on October 15, 2012 may not be withdrawn except as required by law.