Tenet Announces Completion of Cash Tender Offer for 7.375% Senior Notes due 2013

Published on Tuesday, 31 August 2010 15:31 Written by TradersHuddle Staff

DALLAS-( Business Wire )-

Tenet Healthcare Corporation (NYSE: THC) announced today the completion of its previously announced cash tender offer to purchase a portion of its outstanding 7.375% Senior Notes due 2013. The tender offer expired at 12:00 midnight, New York City time, on August 30, 2010. Tenet received tenders from the holders of approximately $781.5 million aggregate principal amount of the outstanding notes (approximately 78.3%) prior to the expiration of the early tender time at 5:00 p.m., New York City time, on August 16, 2010. After the expiration of the early tender time, but prior to the expiration of the tender offer, Tenet received additional tenders of $166,000 aggregate principal amount of the outstanding notes.

Holders of the notes tendered prior to the expiration of the early tender time will be eligible to receive consideration of $1,055 per $1,000 principal amount of notes, which includes an early tender premium of $30 per $1,000 principal amount of notes, plus accrued and unpaid interest up to, but not including, the settlement date. Holders of the notes tendered after the expiration of the early tender time will be eligible to receive consideration of $1,025 per $1,000 principal amount of notes, plus accrued and unpaid interest up to, but not including, the settlement date. The terms of the tender offer are contained in an offer to purchase and a related letter of transmittal, each dated as of August 3, 2010.

Tenet will purchase the notes tendered for total consideration of $829,427,988, representing $824,624,165 in principal payments and $4,803,823 in accrued and unpaid interest through the date of purchase. Tenet will purchase the notes with the net proceeds from its private offering of $600,000,000 aggregate principal amount of 8% Senior Notes due 2020 (net proceeds of approximately $589 million) and cash on hand.

This news release is neither an offer to purchase nor a solicitation of an offer to sell any notes. The tender offer was made pursuant to the offer to purchase and related letter of transmittal, copies of which were delivered to all holders of the 7.375% Senior Notes due 2013. Persons with questions regarding the tender offer should contact one of the following dealer managers — Barclays Capital at (800) 438-3242 (toll free) or (212) 528-7581 (collect), BofA Merrill Lynch at (888) 292-0070 (toll free) or (980) 388-9217 (collect), Goldman, Sachs & Co. at (800) 828-3182 (toll free) or (212) 902-5183 (collect) or Citi at (800) 558-3745 (toll free) — or the Information Agent, Global Bondholder Services Corporation, at (866) 795-2200 (toll free) or (212) 430-3774 (collect).

Tenet Healthcare Corporation is a health care services company whose subsidiaries and affiliates own and operate acute care hospitals, ambulatory surgery centers and diagnostic imaging centers. Tenet’s hospitals and related health care facilities are committed to providing high quality care to patients in the communities they serve.

Some of the statements in this release may constitute forward-looking statements. Such statements are based on our current expectations and could be affected by numerous factors and are subject to various risks and uncertainties discussed in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended Dec. 31, 2009, our quarterly reports on Form 10-Q and periodic reports on Form 8-K. Do not rely on any forward-looking statement, as we cannot predict or control many of the factors that ultimately may affect our ability to achieve the results estimated. We make no promise to update any forward-looking statement, whether as a result of changes in underlying factors, new information, future events or otherwise.

Tenet Healthcare CorporationMedia:Rick Black, 469-893-2647Rick.Black@tenethealth.comorInvestors:Thomas Rice, This e-mail address is being protected from spambots. You need JavaScript enabled to view it.