---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-286146"
form_type: "8-K"
ticker: "THC"
cik: "0000070318"
company_name: "TENET HEALTHCARE CORP"
filed_at: "2025-11-18T23:59:59+00:00"
generated_at: "2026-05-16T18:58:10.827758+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Tenet issues $2.25B in notes to refinance near-term debt maturities

## Summary
- Issued $1.5B of 5.500% senior secured first lien notes due 2032 and $750M of 6.000% senior notes due 2033.
- Proceeds plus cash on hand to redeem $1.5B of 6.250% notes due 2027 and partially redeem $0.75B of 6.125% notes due 2028.
- First lien notes secured; senior notes unsecured; both have change-of-control and optional redemption provisions.
- Covenants restrict liens, asset sales, and mergers but not additional debt, dividends, or investments.

## SEC filing metadata
- accession: 0001193125-25-286146
- form_type: 8-K
- ticker: THC
- cik: 0000070318
- company_name: TENET HEALTHCARE CORP
- filed_at: 2025-11-18T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/70318/000119312525286146/0001193125-25-286146-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/70318/000119312525286146/d845102d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-286146
- JSON: https://secwatch.observer/filing/0001193125-25-286146.json
- Plain text: https://secwatch.observer/filing/0001193125-25-286146.txt

## Key facts
- Debt Financings
  TENET HEALTHCARE CORP incurred senior notes of $750,000,000 with The Bank of New York Mellon Trust Company, N.A. at 6.000% maturing 2033.
  - Instrument: senior notes
  - Principal: $750,000,000
  - Counterparty: The Bank of New York Mellon Trust Company, N.A.
  - Rate: 6.000%
  - Maturity: 2033
  - Event: incurrence
  source text: and $750,000,000 in aggregate principal amount of 6.000% senior notes due 2033 (the “Senior Notes” and together with the First Lien Notes, the “Notes”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/70318/000119312525286146/0001193125-25-286146-index.htm
- Debt Financings
  TENET HEALTHCARE CORP incurred senior notes of $1,500,000,000 with The Bank of New York Mellon Trust Company, N.A. at 5.500% maturing 2032.
  - Instrument: senior notes
  - Principal: $1,500,000,000
  - Counterparty: The Bank of New York Mellon Trust Company, N.A.
  - Rate: 5.500%
  - Maturity: 2032
  - Event: incurrence
  source text: On November 18, 2025, Tenet Healthcare Corporation (“Tenet”) issued $1,500,000,000 in aggregate principal amount of 5.500% senior secured first lien notes due 2032 (the “First Lien Notes”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/70318/000119312525286146/0001193125-25-286146-index.htm

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