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Friday, Sep 6
Tenet Health announces private offering to help fund its Vanguard Health purchase
- To finance part its pending acquisition of Vanguard Health Systems (VHS +0.1%), Tenet Healthcare (THC -1.7%) is selling $2.8B of senior unsecured notes and $1.8B of senior secured notes through a private placement.
- The secured notes will be guaranteed by and secured by a pledge of the capital stock and other ownership interests of certain of Tenet's subsidiaries.
- In addition to financing the acquisition, some of the proceeds will also be used to refinance certain of Vanguard's existing indebtedness.