Dallas Morning News, August 18, 2010

Tenet Healthcare Corp. said Tuesday that a plan to rearrange its debt is moving on schedule. When the Dallas-based hospital system announced earnings two weeks ago, it said it would sell $600 million in debt due to be repaid in 2020 to help repurchase $800 million of debt due for repayment in 2013. In essence the company is pushing its debt back to be repaid later at a lower interest rate. Monday was an early deadline for investors to take Tenet's offer to buy back the $800 million in debt. Tenet said Tuesday that it had repurchased $781.5 million of that debt. Investors have until 11 p.m. Aug. 30 to accept Tenet's final tender offer. "This should reduce debt by about $200 million," said Vicki Bryan, senior high yield analyst at Gimme Credit, an independent research service on corporate bonds.



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