FRANKLIN, Tenn.--(BUSINESS WIRE)--Community Health Systems, Inc. (the “Company”) (NYSE: CYH) today announced the completion of the previously announced cash tender offer by its wholly-owned subsidiary, CHS/Community Health Systems, Inc. (the “Issuer”), for up to $850 million of the Issuer’s approximately $1.784 billion aggregate principal amount of 8⅞% Senior Notes due 2015 then outstanding (the “Notes”). The tender offer expired at 5:00 p.m., New York City time, on April 4, 2012.
As previously announced, as of the early tender deadline of 12:00 midnight, New York City time, on March 20, 2012 (the “Early Tender Deadline”), $1,671,713,000 in aggregate principal amount, or approximately 93.7 percent, of the outstanding Notes had been validly tendered and not withdrawn. As the tender offer was oversubscribed, the Issuer accepted for purchase $850 million aggregate principal amount of tendered Notes on a prorated basis in the manner described in the Issuer’s Offer to Purchase, as supplemented by the Supplement to Offer to Purchase, each dated March 7, 2012. Payment for Notes accepted for purchase on the Early Tender Deadline was made on March 21, 2012. Holders who tendered Notes after the Early Tender Deadline did not have any of their Notes accepted for purchase.
The Issuer retained Credit Suisse Securities (USA) LLC to act as Dealer Manager in connection with the tender offer. Questions about the tender offer may be directed to Credit Suisse Securities (USA) LLC at (800) 820-1653 (toll free) or (212) 538-2147 (collect). Copies of the tender offer documents and other related documents may be obtained from D.F. King & Co., Inc, the information agent for the tender offer, at (800) 488-8095 (toll free) or (212) 269-5550 (collect).
The tender offer was made solely by means of the tender offer documents. Under no circumstances shall this press release constitute an offer to purchase or the solicitation of an offer to sell the Notes or any other securities of the Issuer or any other person, nor shall there be any offer or sale of any Notes or other securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No recommendation was made as to whether holders of the Notes should tender their Notes.
About Community Health Systems, Inc.
Located in the Nashville, Tennessee, suburb of Franklin, Community Health Systems, Inc. is one of the largest publicly-traded hospital companies in the United States and a leading operator of general acute care hospitals in non-urban and mid-size markets throughout the country. Through its subsidiaries, the Company currently owns, leases or operates 134 hospitals in 29 states with an aggregate of approximately 20,000 licensed beds. Its hospitals offer a broad range of inpatient and surgical services, outpatient treatment and skilled nursing care. In addition, through its subsidiary, Quorum Health Resources, LLC, the Company provides management and consulting services to non-affiliated general acute care hospitals located throughout the United States. Shares in Community Health Systems, Inc. are traded on the New York Stock Exchange under the symbol “CYH.”
Statements contained in this press release regarding the proposed transactions and other events are forward-looking statements that involve risk and uncertainties. Actual future events or results may differ materially from these statements. Readers are referred to the documents filed by Community Health Systems, Inc. with the Securities and Exchange Commission, including the Company’s annual report on Form 10-K, current reports on Form 8-K and quarterly reports on Form 10-Q. These filings identify important risk factors and other uncertainties that could cause actual results to differ from those contained in the forward-looking statements. 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.