---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-303042"
form_type: "8-K"
ticker: "CYH"
cik: "0001108109"
company_name: "COMMUNITY HEALTH SYSTEMS INC"
filed_at: "2023-12-26T23:59:59+00:00"
generated_at: "2026-06-07T07:12:45.158310+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Community Health closes $1B 10.875% notes due 2032, prorates tender of 2026 notes after $1.95B tendered

## Summary
- Issued $1,000,000,000 of 10.875% Senior Secured Notes due 2032; interest payable semi-annually.
- Net proceeds plus cash used to purchase up to $985M of 8.000% 2026 Senior Secured Notes via tender offer.
- Early tender results: $1.946B of 2026 notes tendered vs $985M cap; accepted on prorated basis (~50.6% proration factor).
- Settlement for accepted notes expected Dec 28, 2023; tender offer expires Jan 10, 2024, but no further acceptance expected.
- New notes are senior secured with first-priority liens on non-ABL collateral and second-priority on ABL collateral.

## SEC filing metadata
- accession: 0001193125-23-303042
- form_type: 8-K
- ticker: CYH
- cik: 0001108109
- company_name: COMMUNITY HEALTH SYSTEMS INC
- filed_at: 2023-12-26T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1108109/000119312523303042/0001193125-23-303042-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1108109/000119312523303042/d520624d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-303042
- JSON: https://secwatch.observer/filing/0001193125-23-303042.json
- Plain text: https://secwatch.observer/filing/0001193125-23-303042.txt

## Key facts
- Debt Financings
  COMMUNITY HEALTH SYSTEMS INC incurred senior notes of $1,000,000,000 aggregate principal amount with Regions Bank at 10.875% per year maturing 2032.
  - Instrument: senior notes
  - Principal: $1,000,000,000 aggregate principal amount
  - Counterparty: Regions Bank
  - Rate: 10.875% per year
  - Maturity: 2032
  - Event: incurrence
  source text: On December 22, 2023, CHS/Community Health Systems, Inc. (the "Issuer"), a direct, wholly owned subsidiary of Community Health Systems, Inc. (the "Company"), completed its previously announced offering (the "Notes Offering") of $1,000,000,000 aggregate principal amount of its 10.875% Senior Secured Notes due 2032 (the "Notes").
  evidence_url: https://www.sec.gov/Archives/edgar/data/1108109/000119312523303042/0001193125-23-303042-index.htm
- Material Agreements
  COMMUNITY HEALTH SYSTEMS INC entered into Indenture with Regions Bank, as trustee, and Credit Suisse AG, as collateral agent valued at $1,000,000,000 (effective 2023-12-22).
  - Action: entry
  - Agreement: notes offering
  - Counterparty: Regions Bank, as trustee, and Credit Suisse AG, as collateral agent
  - Value: $1,000,000,000
  - Effective: 2023-12-22
  source text: On December 22, 2023, CHS/Community Health Systems, Inc. (the “Issuer”), a direct, wholly owned subsidiary of Community Health Systems, Inc. (the “Company”), completed its previously announced offering (the “Notes Offering”) of $1,000,000,000 aggregate principal amount of its 10.875% Senior Secured Notes due 2032 (the “Notes”). The terms of the Notes are governed by an indenture, dated as of December 22, 2023, among the Issuer, the Company, the subsidiary guarantors party thereto, Regions Bank, as trustee (the “Trustee”), and Credit Suisse AG, as collateral agent (the “Collateral Agent”) (the “Indenture”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1108109/000119312523303042/0001193125-23-303042-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.