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Tenet Healthcare tenders, solicits consents for $714 million 10% notes
By Susanna Moon
Chicago, Jan. 22 - Tenet Healthcare Corp. said it began a cash tender offer and consent solicitation for its $714 million outstanding principal amount of 10% senior secured notes due 2018.
The total purchase price will be $1,164.50 per $1,000 principal amount of notes tendered by the consent payment deadline of 5 p.m. ET on Feb. 4.
The total amount includes a consent payment of $30 per $1,000 of notes.
The tender offer will end at midnight ET on Feb. 19.
Those who tender their notes after the consent date will receive $1,134.50 per $1,000 principal amount, or the total amount less the consent payment.
Holders also will receive accrued interest up to but excluding the settlement date, which is expected to be Feb. 5 for early tenders and Feb. 20 for remaining tenders.
Tenet is soliciting consents to amend the notes to eliminate most of the covenants and events of default and the release of the liens on the assets that secure the notes, according to a company press release.
Tenet must obtain consents from holders of at least a majority of the outstanding notes to eliminate most of the covenants and events of default, and it must obtain consents from holders of at least 75% of the outstanding notes to release the liens of the assets securing the notes.
Holders who tender their notes must consent to the amendments.
Notes may be withdrawn by the early tender deadline.
Completion of the tender offer and consent solicitation are conditioned on obtaining financing and a supplemental indenture.
Bank of America Merrill Lynch at (800 292-0070 or collect 980 387-3907), Barclays (800 438-3242 or collect 212 528-7581), Citigroup at (800 558-3745) or Wells Fargo Securities at (866 309-6316 or collect 704 410-4760) are the dealer managers. Global Bondholder Services Corp. (866 540-1500 or collect 212 430-3774) is the information agent.
Tenet is a Dallas-based hospital chain.
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