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COMMUNITY HEALTH SYSTEMS, INC. ANNOUNCES EARLY TENDER RESULTS FOR ITS 5.625% SENIOR SECURED NOTES DUE 2027 FRANKLIN, Tenn. (

Key Takeaway: Community Health Systems, Inc. has reported the early tender results for its cash tender offer concerning its 5.625% Senior Secured Notes due 2027. As of the early tender deadline on August 8, 2025, approximately $1.735 billion of the outstanding notes were validly tendered and accepted for purchase. The company aims to complete the transaction by August 12, 2025, and the offer will expire on August 25, 2025. The terms and conditions of the offer remain unchanged.

Market Sentiment Analysis

POSITIVE FACTORS

  • Significant participation in the cash tender offer with $1.735 billion accepted.
  • Early Tender Consideration includes a $30 premium per $1,000, making it attractive for bondholders.
  • Timely completion expected with settlement date set for August 12, 2025.

Full Press Release Details

COMMUNITY HEALTH SYSTEMS, INC. ANNOUNCES
EARLY TENDER RESULTS FOR ITS 5.625% SENIOR SECURED NOTES DUE 2027
FRANKLIN, Tenn. (August 11, 2025) - Community Health Systems, Inc. (the "Company") (NYSE: CYH) announced today the early tender
results of the previously announced cash tender offer (the "Tender Offer") by its wholly owned subsidiary, CHS/Community Health Systems, Inc. (the "Issuer"), to purchase any and all of the Issuer's outstanding 5.625%
Senior Secured Notes due 2027 (the "2027 Notes"), on the terms and subject to the conditions set forth in the Offer to Purchase, dated July 28, 2025, as amended (the "Offer to Purchase").
According to Global Bondholder Services Corporation, the depositary and information agent for the Tender Offer, as of 5:00 p.m., New York City time, on
August 8, 2025 (the "Early Tender Deadline"), $1,735,362,000 aggregate principal amount of the outstanding 2027 Notes were validly tendered and not validly withdrawn. All of the 2027 Notes validly tendered and not validly withdrawn
by the Early Tender Deadline were accepted for purchase by the Issuer.
The table below identifies the aggregate principal amount of 2027 Notes validly
tendered (and not validly withdrawn) as of the Early Tender Deadline and the aggregate principal amount of 2027 Notes that will remain outstanding on the Early Payment Date (as defined below).
CUSIP / ISIN No. (1) Title of Security Aggregate Principal Amount Outstanding (2) Aggregate Principal Amount Tendered as of the Early Tender Deadline and Accepted for Purchase Aggregate Principal Amount Remaining Outstanding
144A: 12543D BG4 / US12543DBG43 Reg. S: U17127 AR9 / USU17127AR95 5.625% Senior Secured Notes due 2027 $1,757,000,000 $ 1,735,362,000 $ 21,638,000
The withdrawal deadline for the Tender Offer was 5:00 p.m., New York City time, on August 8, 2025, and has not been extended. Accordingly, previously
tendered 2027 Notes may not be withdrawn, subject to applicable law.
The consideration (the "Early Tender Consideration") offered per $1,000
principal amount of 2027 Notes validly tendered at or prior to the Early Tender Deadline and accepted for purchase pursuant to the Tender Offer will be determined in the manner described in the Offer to Purchase by reference to the fixed spread
specified in the Offer to Purchase, plus the yield of the U.S. Treasury security specified in the Offer to Purchase (the "Reference U.S. Treasury Security"), based on the bid-side price of the
Reference U.S. Treasury Security as quoted on the Bloomberg Reference Page specified in the Offer to Purchase, calculated as of 10:00 a.m., New York City time, on August 11, 2025, unless extended or the Tender Offer is earlier terminated by the
Issuer, and includes an early tender premium of $30 per $1,000 principal amount of 2027 Notes (the "Early Tender Payment").
2027 Notes who validly tendered their 2027 Notes at or prior to the Early Tender Deadline, and whose 2027 Notes have been accepted for purchase, will receive the Early Tender Consideration (which includes the Early Tender Payment). Holders of 2027
Notes tendered following the Early Tender Deadline, but on or prior to the Expiration Time (as defined below) and accepted for purchase will receive an amount equal to the Early Tender Consideration minus the Early Tender Payment (the "Late
Tender Consideration").
Community Health Systems, Inc. Announces Early Tender Results
for 5.625% Senior Secured Notes due 2027
The settlement date for 2027 Notes validly tendered as of the Early Tender Deadline and accepted for purchase
is expected to occur on August 12, 2025 (the "Early Payment Date").
In addition to the Early Tender Consideration or the Late Tender
Consideration, as applicable, holders whose 2027 Notes are purchased in the Tender Offer will receive accrued and unpaid interest on such 2027 Notes from and including the last interest payment date for the 2027 Notes up to, but not including, the
applicable settlement date for such 2027 Notes accepted for purchase.
The Tender Offer is scheduled to expire at 5:00 p.m., New York City time, on
August 25, 2025 (the "Expiration Time"), unless extended or earlier terminated by the Issuer.
The Tender Offer is subject to the
satisfaction or waiver of certain conditions as described in the Offer to Purchase. The complete terms and conditions of the Tender Offer are set forth in the Offer to Purchase and remain unchanged.
The Issuer has retained Citigroup Global Markets Inc. to act as dealer manager in connection with the Tender Offer. Questions about the Tender Offer may be
directed to Citigroup Global Markets Inc. at (800) 558-3745 (toll free) or (212) 723-6106 (collect). Copies of the Tender Offer documents and other related
documents may be obtained from Global Bondholder Services Corporation, the depositary and information agent for the Tender Offer, at (855) 654-2015 (toll free) or (212)
430-3774 (collect), or by email at contact@gbsc-usa.com.
press release shall not constitute an offer to buy or sell, or the solicitation of any offer to buy or sell, any securities. Any offer or solicitation with respect to the Tender Offer will be made only by means of the Offer to Purchase, and the
information in this press release is qualified by reference to the Offer to Purchase. The Tender Offer is not being made to holders of 2027 Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the
securities, blue sky or other laws of such jurisdiction. In addition, nothing contained herein constitutes a notice of redemption of the 2027 Notes. Holders must make their own decision as to whether to tender any of their 2027 Notes, and, if so,
the principal amount of 2027 Notes to tender.
Forward-Looking Statements
This press release may include information that could constitute forward-looking statements. These statements involve risk and uncertainties. The Company
undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by law.

Frequently Asked Questions

What are the results of the 2027 Notes Tender Offer?

As of August 8, 2025, $1,735,362,000 of the 2027 Notes were validly tendered.

When is the settlement date for the accepted notes?

The expected settlement date is August 12, 2025.

What is the deadline for the Tender Offer?

The Tender Offer expires on August 25, 2025, at 5:00 p.m. NYC time.

How much is the Early Tender Payment?

The Early Tender Payment is $30 per $1,000 principal amount of 2027 Notes.

Can 2027 Notes be withdrawn after the deadline?

No, previously tendered 2027 Notes may not be withdrawn post-deadline.

Last updated: Aug 11, 2025