Full Press Release Details
Tenet Announces $1.800 Billion Private Offering of Senior Secured Notes
DALLAS June 1, 2022 Tenet Healthcare Corporation
(NYSE: THC) today announced a private placement offering of $1.800 billion in aggregate principal amount of new senior secured first lien notes maturing in 2030 (the notes ). Completion of the notes offering is subject to, among
other things, pricing and customary closing conditions.
Tenet intends to use the net proceeds from the sale of the notes, after payment of fees and
expenses, to finance, together with cash on hand, the redemption of all $1.748 billion outstanding of its 6.750% senior notes due 2023 (the 2023 Notes ).
The notes will be guaranteed by certain of Tenet s subsidiaries and secured on a first lien priority basis by a pledge of the capital stock and other
ownership interests of certain of Tenet s subsidiaries. The notes will be effectively senior to Tenet s existing and future indebtedness secured on a more junior basis, as well as unsecured indebtedness and other liabilities, to the extent
of the value of the collateral securing such borrowings.
The notes to be offered will not be registered under the Securities Act of 1933, as amended (the
Securities Act ), or any other state securities laws. As a result, they may not be offered or sold in the United States or to any U.S. persons, except pursuant to an applicable exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act. Accordingly, the notes will be offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A of the Securities Act or, outside the United States, to
persons other than U.S. persons in compliance with Regulation S under the Securities Act. A confidential offering memorandum for the notes will be made available to such eligible persons. The offering will be conducted in accordance
with the terms and subject to the conditions set forth in such offering memorandum.
This news release is neither an offer to sell nor a solicitation of
an offer to buy, nor shall there be any sale of, these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. This news release shall not constitute a notice of redemption of the 2023 Notes.
Cautionary Statement
This release contains forward-looking statements that is, statements that relate to future, not past, events. In this context, forward-looking
statements often address Tenet s expected future business and financial performance and financial condition, and often contain words such as expect, anticipate, assume, believe,
budget, estimate, forecast, intend, plan, predict, project, seek, see, target, or will. Forward-looking statements by
their nature address matters that are, to different degrees, uncertain, especially with regard to developments related to COVID-19. Particular uncertainties that could cause Tenet s actual results to be
materially different than those expressed in Tenet s forward-looking statements include, but are not limited to, the impact of the COVID-19 pandemic and other factors disclosed under Forward-Looking
Statements and Risk Factors in our Form 10-K for the year ended December 31, 2021, our Form 10-Q for the quarter ended March 31, 2022 and
other filings with the Securities and Exchange Commission.
About Tenet Healthcare
Tenet Healthcare Corporation (NYSE: THC) is a diversified healthcare services company headquartered in Dallas. Our care delivery network includes United
Surgical Partners International, the largest ambulatory platform in the country, which operates or has ownership interests in approximately 440 ambulatory surgery centers and surgical hospitals. We also operate 60 acute care and specialty hospitals,
approximately 110 other outpatient facilities, a network of leading employed physicians and a global business center in Manila, Philippines. Our Conifer Health Solutions subsidiary provides revenue cycle management and value-based care services to
hospitals, health systems, physician practices, employers and other clients. Across the Tenet enterprise, we are united by our mission to deliver quality, compassionate care in the communities we serve. For more information, please visit