Tenet buys back $300 million 9¼% notes with convertibles proceeds

By Marisa Wong

Milwaukee, Sept. 25 - Tenet Healthcare Corp. said it bought back $300 million of its 9¼% senior notes due 2015 using part of the proceeds from a $345 million sale of mandatory convertible preferred stock.

The company used $315 million of the net proceeds to repurchase the notes through a privately negotiated transaction. The $345 million preferred shares sale followed the exercise of a $45 million over-allotment option, according to a press release.

Dallas-based Tenet Healthcare owns and operates acute-care hospitals and provides related health-care services.

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