Tenet Calls for Full Redemption of 4.625% Senior Secured First Lien Notes due 2024

DALLAS--(BUSINESS WIRE)--Tenet Healthcare Corporation (NYSE: THC) today called for the redemption of all $756 million outstanding of its 4.625% senior secured first lien notes due July 2024 (the “July 2024 Notes”), which were issued pursuant to the Indenture, dated as of November 6, 2001, by and between Tenet and The Bank of New York Mellon Trust Company, N.A., as successor trustee to The Bank of New York (the “Base Indenture”), as supplemented by the Twenty-Ninth Supplemental Indenture, dated as of July 14, 2017, and all $589 million outstanding of its 4.625% senior secured first lien notes due September 2024 (the “September 2024 Notes” and, together with the July 2024 Notes, the “Notes”), which were issued pursuant to the Base Indenture, as supplemented by the Thirty-First Supplemental Indenture, dated as of August 26, 2019.

The September 2024 Notes will be redeemed on May 17, 2023 (the “September 2024 Notes Redemption Date”), and the July 2024 Notes will be redeemed on June 1, 2023 (the “July 2024 Notes Redemption Date”) with the net proceeds from the sale of notes in a private placement offering and cash on hand. The July 2024 Notes will be redeemed at a redemption price equal to 100% of the principal amount of the July 2024 Notes being redeemed together with accrued and unpaid interest up to, but not including, the July 2024 Notes Redemption Date. The September 2024 Notes will be redeemed at a redemption price equal to 101.156% of the principal amount of the September 2024 Notes being redeemed together with accrued and unpaid interest up to, but not including, the September 2024 Notes Redemption Date.

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, 2022, our Form 10-Q for the quarter ended March 31, 2023 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 more than 465 ambulatory surgery centers and surgical hospitals. We also operate 61 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.