Tenet Healthcare Corporation (NYSE: THC), a healthcare services provider based in Dallas, priced a $2 billion senior notes offering on September 8, 2026. The offering, which increased from a previously announced $1.5 billion, is due to mature on September 15, 2034, with an interest rate of 6.250% per annum. The expected closing date for the offering is September 22, 2026, subject to customary closing conditions.
The proceeds from the notes sale, along with cash on hand, will be used by Tenet Healthcare to redeem $1.5 billion of its outstanding 5.125% senior secured first lien notes due November 2027, and partially redeem $0.5 billion of its 6.125% senior notes due October 2028.
The notes will rank equally with existing and future senior unsecured obligations, be senior to all existing and future unsecured subordinated obligations, and effectively subordinated to all existing and future senior secured obligations. They will also be structurally subordinated to all obligations and liabilities of Tenet's subsidiaries.
The notes will not be registered under the Securities Act of 1933 and will be offered exclusively to qualified institutional buyers under Rule 144A and non-U.S. persons outside the United States in compliance with Regulation S.
Tenet Healthcare operates a diversified healthcare services network, including acute care and specialty hospitals, outpatient facilities, United Surgical Partners International, and Conifer Health Solutions, which provides revenue cycle management services.
