Community Health Systems, Inc. - CYH STOCK NEWS

Community Health Systems (CYH) announced the early tender results for its cash tender offers for various notes, totaling up to $400 million. As of November 13, 2020, about $86 million in notes were validly tendered. The company will accept all tendered notes as they do not exceed the maximum purchase price. The settlement date is set for November 17, 2020. Notably, the company failed to receive the necessary consents from 2022 note holders for proposed amendments, keeping the original indenture terms intact unless consents are obtained by November 30, 2020.

Community Health Systems (CYH) has initiated cash tender offers to purchase up to $400 million of its outstanding debt, including 6.875% Senior Notes due 2022 and 8.125% Junior-Priority Secured Notes due 2024. The offers will prioritize the acceptance of the notes based on established levels, subject to proration. The early tender deadline is November 13, 2020, with an expected early settlement date of November 17, 2020. The company's intention is to utilize cash reserves for these purchases, alongside potential amendments to the restrictive covenants of the 2022 Notes.

Community Health Systems (NYSE: CYH) announced on October 27, 2020, that Wayne T. Smith will transition from Chief Executive Officer to Executive Chairman of the Board, effective January 1, 2021. Tim L. Hingtgen, the current President and COO, will succeed Smith as CEO. This leadership change is part of a long-term succession plan. Smith has led the company for nearly 23 years, while Hingtgen has been with Community Health Systems since 2008. The company aims to enhance operational excellence and patient care through strategic initiatives and leadership continuity.

Community Health Systems (NYSE: CYH) reported Q3 2020 financial results with net operating revenues of $3.126 billion, a 3.7% decline from Q3 2019. Net income attributable to common stockholders was $112 million or $0.97 per diluted share, recovering from a net loss of $(17) million in 2019. Adjusted EBITDA improved to $431 million, up from $388 million. However, admissions decreased 13.0% compared to last year, reflecting ongoing pandemic impacts. For the nine months ended September 30, 2020, net revenues fell 12.6% to $8.670 billion.

Community Health Systems (NYSE: CYH) has announced the completion of the sale of two Texas hospitals to Hendrick Health System, effective October 27, 2020. The divested facilities include the 231-bed Abilene Regional Medical Center and the 188-bed Brownwood Regional Medical Center, along with their associated assets. Following this transaction, Community Health Systems will continue to operate seven hospitals in Texas. This sale aligns with the company's strategy of divesting certain assets, as previously discussed in its second quarter 2020 earnings call.

Community Health Systems (NYSE: CYH) announced the sale of San Angelo Community Medical Center, a 171-bed facility in Texas, to subsidiaries of Shannon Health System, effective October 24, 2020. This divestiture aligns with the company’s strategic focus discussed in their Q2 2020 earnings call, aimed at optimizing their operational framework and financial position. Community Health Systems operates 91 hospitals across 16 states, with approximately 15,000 licensed beds, solidifying its status as a leading hospital operator in the U.S.

Community Health Systems (NYSE:CYH) announced an online simulcast of its third quarter 2020 conference call, scheduled for October 28, 2020, at 10:00 a.m. CT. The company will release its financial results on October 27, 2020, after market close. The call will review operating results for the quarter ended September 30, 2020. Community Health Systems is a major player in the U.S. hospital industry, operating 92 hospitals with approximately 15,000 licensed beds across 16 states.

Community Health Systems (NYSE: CYH) has completed the sale of Bayfront Health St. Petersburg, a 480-bed facility, to Orlando Health. This divestiture, effective October 1, 2020, aligns with the company's strategy discussed during its Q2 2020 earnings call. Following the sale, Community Health Systems will continue to operate 11 hospitals in Florida. The company remains one of the largest publicly traded hospital operators in the United States, with 92 affiliated hospitals across 16 states.

Community Health Systems, Inc. (NYSE: CYH) will host a conference call to discuss its Q2 2020 financial results on July 29, 2020, at 10:00 a.m. CT. A press release revealing the results will be published on July 28, 2020, after market close. Interested parties can access the live simulcast on the company’s website, with a replay available for 30 days post-call. The company operates 95 hospitals across 16 states, with around 16,000 licensed beds, making it a significant player in the U.S. healthcare sector.