Tenet prices private offering of senior secured notes due 2018

Tenet Healthcare Corporation (NYSE: THC) announced today the upsizing and pricing of its previously announced private offering of senior secured notes maturing in 2018.

A total of $900 million aggregate principal amount of notes, which represents an upsize from its previously announced amount of $750 million, which will bear interest at a rate of 6.25% per annum, will be issued. The notes will rank pari passu with Tenet's 9% senior secured notes due 2015 not purchased in the tender offer referenced below, which were issued in March 2009, 10% senior secured notes due 2018, which were issued in March 2009, and 8.875% senior secured notes due 2019, which were issued in June 2009, and similarly will be guaranteed by and secured by a pledge of the capital stock and other ownership interests of certain of Tenet's subsidiaries. We intend to use the net proceeds from the offering, together with existing cash, to pay the purchase price, premium, plus accrued and unpaid interest for our 9% senior secured notes due 2015 in a cash tender offer. We will use the remaining net proceeds, if any, for repurchases of our outstanding senior notes through public or privately negotiated transactions, and general corporate purposes.

Source Tenet Healthcare Corporation