STOCK TITAN

Tenet Calls for Full Redemption of 6.750% Senior Notes due 2023

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary

Tenet Healthcare Corporation (NYSE: THC) announced the redemption of all $1.748 billion of its 6.750% senior notes due June 15, 2023. The redemption will occur on July 1, 2022, funded by a private placement offering. The total redemption price is expected to be about $70 million, including the principal and a make-whole premium. The company cautioned that forward-looking statements regarding future performance could vary due to uncertainties like COVID-19.

Positive
  • Redemption of $1.748 billion senior notes could improve balance sheet and reduce interest expenses.
Negative
  • Forward-looking statements introduce uncertainties affecting future business and financial performance.

DALLAS--(BUSINESS WIRE)-- Tenet Healthcare Corporation (NYSE: THC) today called for the redemption of all of the $1.748 billion aggregate principal amount outstanding of its 6.750% senior notes due June 15, 2023 (the “Notes”), which were issued pursuant to the Indenture, dated as of June 16, 2015, among THC Escrow Corporation II and The Bank of New York Mellon Trust Company, N.A. (the “Trustee”), as supplemented by the Supplemental Indenture thereto, dated as of June 16, 2015, among Tenet and the Trustee (collectively, the “Indenture”).

The Notes will be redeemed on July 1, 2022 (the “Redemption Date”) with the net proceeds from the sale of notes in a private placement offering at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus the make-whole premium set forth in the Indenture (the “Redemption Price”), together with accrued and unpaid interest thereon, if any, to, but not including, the Redemption Date. Tenet expects the Redemption Price to be approximately $70 million.

Cautionary Statement

This release contains “forward-looking statements” - that is, statements that relate to future, not past, events. In this context, forward-looking statements often address Tenet’s expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “assume,” “believe,” “budget,” “estimate,” “forecast,” “intend,” “plan,” “predict,” “project,” “seek,” “see,” “target,” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain, especially with regard to developments related to COVID-19. Particular uncertainties that could cause Tenet’s actual results to be materially different than those expressed in Tenet’s forward-looking statements include, but are not limited to, the impact of the COVID-19 pandemic and other factors disclosed under “Forward-Looking Statements” and “Risk Factors” in our Form 10-K for the year ended December 31, 2021, our Form 10-Q for the quarter ended March 31, 2022 and other filings with the Securities and Exchange Commission.

About Tenet Healthcare

Tenet Healthcare Corporation (NYSE: THC) is a diversified healthcare services company headquartered in Dallas. Our care delivery network includes United Surgical Partners International, the largest ambulatory platform in the country, which operates or has ownership interests in approximately 440 ambulatory surgery centers and surgical hospitals. We also operate 60 acute care and specialty hospitals, approximately 110 other outpatient facilities, a network of leading employed physicians and a global business center in Manila, Philippines. Our Conifer Health Solutions subsidiary provides revenue cycle management and value-based care services to hospitals, health systems, physician practices, employers and other clients. Across the Tenet enterprise, we are united by our mission to deliver quality, compassionate care in the communities we serve. For more information, please visit www.tenethealth.com.

Investor Contact:

Will McDowell

469-893-2387

william.mcdowell@tenethealth.com

Media Contact:

Lesley Bogdanow

469-893-2640

mediarelations@tenethealth.com

Source: Tenet Healthcare Corporation

FAQ

What is the redemption amount for Tenet Healthcare's senior notes?

Tenet Healthcare is redeeming $1.748 billion of its senior notes.

When is the redemption date for Tenet's senior notes?

The redemption date for Tenet's senior notes is July 1, 2022.

What will be the expected redemption price for Tenet's senior notes?

The expected redemption price is approximately $70 million.

What risks are associated with Tenet Healthcare's forward-looking statements?

Risks include uncertainties related to COVID-19 and other factors affecting business performance.

Tenet Healthcare Corporation New

NYSE:THC

THC Rankings

THC Latest News

THC Stock Data

12.11B
93.21M
1.17%
97.48%
2.19%
Medical Care Facilities
Services-general Medical & Surgical Hospitals, Nec
Link
United States of America
DALLAS