Tenet Healthcare Corp. (THC) announced it is offering to sell $1.05 billion aggregate principal amount of senior secured notes maturing in 2021 through a private placement. The senior secured notes will be guaranteed by and secured by a pledge of the capital stock and other ownership interests of certain of Tenet's subsidiaries. The proceeds from the offering will be used to purchase Tenet's 8.875% senior secured notes due 2019 in a tender offer.
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, the company noted.
The company also 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 will expire on June 12, 2013.
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