tenet healthcare corp (THC) Snapshot

Tenet Healthcare Corp. announced the successful completion of its previously announced private offering of $1,050 million aggregate principal amount of its 4.375% Senior Secured Notes due 2021. The proceeds from the offering will be used to purchase Tenet's 8.875% Senior Secured Notes due 2019 in a tender offer. In connection with the tender offer, Tenet is also soliciting consents for certain amendments to the related indenture governing the Notes. The terms of the tender offer and the consent solicitation are contained in an offer to purchase and consent solicitation statement dated May 15, 2013 and a related consent and letter of transmittal. The tender offer will expire at 12:00 midnight, New York City time, on June 12, 2013. As of the consent payment deadline of 5:00 p.m., New York City time, on May 29, 2013, $767,027,000 (82.92% outstanding) aggregate principal amount of the outstanding Notes had been validly tendered and not validly withdrawn. Holders that validly tendered prior to the consent payment deadline and whose Notes were accepted will receive total consideration of $1,133.18 per $1,000 principal amount of purchased Notes, which includes a consent payment 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 May 30, 2013. Holders that validly tender after the consent payment deadline, but prior to the expiration of the tender offer, and whose Notes are accepted will receive the tender offer consideration of $1,103.18 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 June 13, 2013. Holders of the Notes that tender after the consent payment deadline will not receive a consent payment. As the withdrawal time of 5:00 p.m., New York City time, on May 29, 2013 has passed, any tendered Notes may not be withdrawn except as required by law.

Tenet Healthcare Corp. announced the pricing of its previously announced private offering of senior secured notes maturing in 2021. In a release on May 15, the Company noted a total of $1,050 million aggregate principal amount of senior secured notes, which will bear interest at a rate of 4.375% per annum, will be issued. The senior secured notes will rank senior to Tenet's existing and future subordinated indebtedness, be effectively senior to Tenet's existing and future unsecured indebtedness and other liabilities to the extent of the value of the collateral securing the senior secured notes or guarantees thereon, and will rank pari passu with Tenet's 6.25% senior secured notes due 2018, which were issued in November 2011 and April 2012, any 8.875% senior secured notes due 2019 that are not tendered in the tender offer mentioned below, which were issued in June 2009, its 4.750% senior secured notes due 2020, which were issued in October 2012, and its 4.500% senior secured notes due 2021, which were issued in February 2013, and similarly will be guaranteed by and secured by a pledge of the capital stock and other ownership interests of certain of Tenet's subsidiaries, and will be subordinated to Tenet's obligations under its senior secured revolving credit facility, and any of its subsidiaries' secured guarantees thereof, to the extent of the value of the collateral securing borrowings under such facility. The proceeds from the offering will be used to purchase Tenet's 8.875% senior secured notes due 2019 in a tender offer.

Tenet Healthcare Corp. announced that it commenced a tender offer to purchase for cash any and all of the $925 million aggregate principal amount outstanding of its 8.875% Senior Secured Notes due 2019 and a solicitation of consents for proposed amendments to the related indenture. The Tender Offer and the Consent Solicitation are being made pursuant to an Offer to Purchase and Consent Solicitation Statement dated as of May 15, 2013 and related consent and letter of transmittal. The Tender Offer will expire at 12:00 midnight, New York City time, on June 12, 2013. Holders of Notes that are validly tendered prior to the consent payment deadline of 5:00 p.m., New York City time, on May 29, 2013 and accepted for purchase will receive total consideration of $1,133.18 per $1,000 principal amount of Notes validly tendered and accepted for purchase, which includes a consent payment of $30.00 per $1,000 principal amount of Notes, plus any accrued and unpaid interest up to, but not including, the initial settlement date, which is expected to be May 30, 2013.