Tenet Healthcare called for the redemption of $1.1 billion of the $1.87 billion aggregate principal amount of its outstanding 4.625% senior secured first lien notes due in 2024. As a result, Tenet expects to lower its future annual cash interest payments by approximately $50 million. This retirement of debt will be funded with approximately $1.1 billion of proceeds from the recent sale of the Company’s five hospitals in the Miami-Dade and Southern Broward counties and is part of Tenet’s long-term plan to reduce its debt.
The notes will be redeemed Sept. 10 at a redemption price equal to 101.156% of the principal amount of the Notes being redeemed, together with accrued and unpaid interest. Read more.
