Tenet Healthcare Corp (THC) filed an 8-K on November 3, 2025, disclosing a significant debt restructuring completed via a $2.25 billion private placement of new notes.
The new issuance consists of:
- $1.5 billion in 5.500% Senior Secured First Lien Notes due 2032.
- $0.75 billion in 6.000% Senior Notes due 2033 (upsized from initial plans).
These proceeds fund the redemption of existing, higher-cost debt: the full \(1.5 billion of 6.250% 2027 Second Lien Notes and a partial redemption of \)0.75 billion of 6.125% 2028 Senior Notes.
The transaction structurally optimizes the balance sheet by
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