Tenet prices $1.35B 6.75% secured notes due 2031 to refinance 2024 debt

TENET HEALTHCARE CORP

Issued $1.35B of 6.750% senior secured first lien notes maturing May 15, 2031; closing expected May 16.
Net proceeds, with cash on hand, to redeem $756M of 4.625% notes due July 2024 and $589M due Sept 2024.
Redemption dates: Sept 2024 notes on May 17; July 2024 notes on June 1.
Notes are secured and guaranteed by certain subsidiaries; offered privately to QIBs and non-U.S. persons.
Interest rate increases from 4.625% to 6.750% but extends maturity from 2024 to 2031.

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