The company's stock price has declined 94% since its peak three years ago.
After closing at an all-time low of $3.32 on Friday, shares for Community Health Systems slipped even further on Monday, falling as low as $3.12 in mid-day trading.
The company's stock price has declined about 94% since its peak at $52.71 three years ago. The hospital operator, based in Franklin, Tennessee, has struggled financially in recent years, selling off hospitals as it grapples with a high debt burden.
The latest slump in CHS shares comes after the company offered more than $1 billion in senior secured notes Thursday, which CHS plans to use to pay some of its outstanding loans and related fees, according to documents filed with the Securities & Exchange Commission.
The sale of the notes, which is expected to be completed this Friday, comes after S&P Global Ratings lowered its corporate credit rating for CHS last spring.
Steven Porter is an associate content manager and Strategy editor for HealthLeaders, a Simplify Compliance brand.