Tenet buys back $450 million debt due 2006, 2007

New York, June 15 - Tenet Healthcare Corp. said it has repurchased $450 million of its debt with maturities in 2006 and 2007.

"The combined result of this transaction and the sale, also announced today [Tuesday], of $1 billion of our 9 7/8 % senior notes due 2014 provides a significant increase in Tenet's financial flexibility by extending the maturity of approximately half the maturing debt the company faced over the next three years," said Stephen Farber, Tenet's chief financial officer, in a news release.

Tenet said it has reduced its 2006 maturities to $290 million from $550 million and its 2007 maturities to $210 million from $400 million. The company noted the next significant amount of debt maturity is in 2011.

On settlement of the repurchases and the new issue, Tenet will have $1.1 billion of available cash.

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