Completion of the offering is subject to pricing, standard closing and market conditions, and other factors.
After paying fees and expenses, Tenet will use net proceeds from the sale for “general corporate purposes” such as debt repayment and refinancing, cash on balance sheet, working capital and capital expenditure.
Tenet will secure the notes maturing in 2028 on a first-lien priority basis by pledging ownership interests of certain subsidiaries. The notes will be “senior to Tenet’s existing and future indebtedness secured on a more junior basis.”
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