tenet healthcare corp (THC) Key Developments
Tenet Healthcare Corporation Issues $500,000,000 Aggregate Principal Amount of 5.50% Senior Notes Due 2019
Sep 29 14
Tenet Healthcare Corporation issued $500,000,000 in aggregate principal amount of 5.50% senior notes due 2019. The Notes have not been registered under the Securities Act of 1933, as amended, or any state securities laws. Tenet will pay interest on the Notes semi-annually, in arrears, on March 1 and September 1 of each year, commencing March 1, 2015, to holders of record on the immediately preceding February 15 and August 15. The Notes are unsecured and will rank equally with all of Tenet's existing and future unsecured senior debt, will rank senior to all of Tenet's existing and future unsecured subordinated debt and will be effectively subordinated to all of Tenet's existing and future secured debt, to the extent of the value of the collateral securing such secured indebtedness. The Notes were issued pursuant to the indenture, dated as of November 6, 2001, between Tenet and The Bank of New York Mellon Trust Company, N.A., as supplemented by the twenty-fourth supplemental indenture thereto, dated as of September 29, 2014, between Tenet and the Trustee. The Indenture contains covenants that, among other things, restrict Tenet's ability and the ability of its subsidiaries: to incur liens; enter into sale and lease-back transactions; or consolidate, merge or sell all or substantially all of their assets, other than in certain transactions between one or more of Tenet's wholly owned subsidiaries and Tenet. These restrictions, however, are subject to a number of important exceptions and qualifications. In particular, there are no restrictions on Tenet's ability or the ability of its subsidiaries to incur additional indebtedness, make restricted payments, pay dividends or make distributions in respect of capital stock, purchase or redeem capital stock, enter into transactions with affiliates or make advances to, or invest in, other entities. The Indenture also provides that the Notes may become subject to redemption under certain circumstances, including a change of control (as defined in the Indenture) of Tenet. In addition, Tenet may, at its option, redeem the Notes in whole or in part at any time at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus the applicable make-whole premium set forth in the Indenture, together with accrued and unpaid interest.
Tenet Healthcare Corporation Announces Private Offering of Senior Notes
Sep 24 14
Tenet Healthcare Corporation is offering to sell $500 million aggregate principal amount of senior notes through a private placement. The proceeds from the offering will be used for general corporate purposes, including the repayment of indebtedness and drawings under Tenet's senior secured revolving credit facility, related transaction fees and expenses, and acquisitions. The notes being offered have not been registered under the Securities Act of 1933, as amended, or any state securities laws. As a result, they may not be offered or sold in the United States or to any U.S. persons, except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Accordingly, the notes are being offered only to qualified institutional buyers under Rule 144A of the Securities Act or, outside the United States, to persons other than U.S. persons in compliance with Regulation S under the Securities Act.
THC Seeks Acquisitions
Sep 24 14
Tenet Healthcare Corp. (NYSE:THC) is seeking acquisitions. THC intends to use $500 million net proceeds from private placement for general corporate purposes, including the repayment of indebtedness and drawings under Tenet's senior secured revolving credit facility, related transaction fees and expenses and acquisitions.
Tenet Healthcare Corporation Appoints Names Matt Cowley Chief Executive Officer of its Health Plans in Arizona, Effective September 22, 2014
Sep 4 14
Tenet Healthcare Corporation announced that it has named Matt Cowley as chief executive officer of its Arizona health plan operations, effective September 22, 2014. He will oversee the strategic operations of Phoenix Health Plan, LLC, and Phoenix Health Plans Inc. Cowley also will serve as president and chief operating officer of Advantage Healthcare Management Company, which provides management and administrative services for Tenet's health plans across the United States. Since 2009, Cowley has served as the head of Medicare products for Aetna-managed Mercy Care Plan in Arizona.
Tenet Healthcare Corp. and Dignity Health to Create Joint Venture to Take over Carondelet Health Network
Aug 29 14
Tenet Healthcare Corp. and Dignity Health are creating a joint venture to take over Carondelet Health Network.