Tenet Healthcare plans $1.5B senior notes offering due 2034

Tenet Healthcare Corporation (NYSE: THC) has announced a private placement offering of $1.5 billion in aggregate principal amount of new senior notes due 2034, according to a company press release.

The Dallas-based healthcare company intends to use the net proceeds, along with cash on hand, to redeem all outstanding principal of its 5.125% senior secured first lien notes due November 2027.

The new notes will be unsecured obligations, ranking equally with Tenet's existing and future senior unsecured obligations. They will rank senior to Tenet's unsecured subordinated obligations but will be effectively subordinated to existing and future senior secured obligations to the extent of the value of the collateral securing those obligations.

Completion of the offering is subject to pricing and customary closing conditions. The notes will not be registered under the Securities Act of 1933 and will be offered only to qualified institutional buyers under Rule 144A or, outside the United States, to non-U.S. persons under Regulation S.

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