Tenet Announces Completion of Cash Tender Offer for 9.0% Senior Secured Notes due 2015

Published on Tuesday, 06 December 2011 16:34 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 any and all of the $714.012 million aggregate principal amount outstanding of its 9.0% Senior Secured Notes due 2015. The tender offer expired at 12:00 midnight, New York City time, on December 5, 2011. As previously announced, Tenet received tenders and consents for proposed amendments to the related indenture governing the notes from the holders of approximately $712.968 million (approximately 99.85%) aggregate principal amount of the outstanding notes prior to the consent payment deadline of 5:00 p.m., New York City time, on November 18, 2011. After the consent payment deadline, but prior to the expiration of the tender offer, Tenet received additional tenders of $22,000 aggregate principal amount of the outstanding notes.

Holders of the notes tendered after the consent payment deadline received consideration of $1,052.44 per $1,000 principal amount of notes tendered, plus accrued and unpaid interest up to, but not including, the final settlement date of December 6, 2011. The terms of the tender offer are contained in an offer to purchase and a related letter of transmittal, each dated as of November 4, 2011.

Tenet purchased the notes tendered before the consent payment deadline for total consideration of approximately $775.310 million, representing approximately $771.745 million in principal and premium payments and approximately $3.565 million in accrued and unpaid interest through the date of purchase. Tenet purchased the notes with the net proceeds from its private offering of $900 million aggregate principal amount of 6.25% Senior Secured Notes due 2018.

Tenet purchased the notes tendered after the consent payment deadline, but prior to the expiration of the tender offer, for total consideration of $23,346.18, representing $23,153.68 in principal and premium payments and $192.50 in accrued and unpaid interest through the date of purchase. Tenet purchased these notes with the remaining net proceeds from its private offering of $900 million aggregate principal amount of 6.25% Senior Secured Notes due 2018.

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 9.0% Senior Secured Notes due 2015. Persons with questions regarding the tender offer should contact one of the following dealer managers — BofA Merrill Lynch at (888) 292-0070 (toll free) or (980) 683-3215 (collect), Barclays Capital at (800) 438-3242 (toll free) or (212) 528-7581 (collect), Citigroup at (800) 558-3745 (toll free) or Wells Fargo Securities at (866) 309-6316 (toll free) or (704) 715-8341 (collect) — or the Information Agent, Global Bondholder Services Corporation, at (866) 540-1500 (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. For more information, please visit www.tenethealth.com.

Some of the statements in this release may constitute forward-looking statements. Such forward-looking 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, 2010, 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 uses its company web site to provide important information to investors about the company including the posting of important announcements regarding financial performance and corporate developments.

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.