01—Abstract
Summary
Summary of the 8-K filed September 22, 2026. Cited figures are marked; the original filing is the authoritative source.
On September 22, 2026, Tenet Healthcare Corporation issued $2.0 billiona in aggregate principal amount of 6.250% senior notes due 2034 under a 2001 base indenture with The Bank of New York Mellon Trust Company, N.A., as trustee, supplemented by a forty-third supplemental indenture dated the same day.
The company intends to use the net proceeds, after fees and expenses, together with cash on hand, to redeem all $1.5 billionb outstanding of its 5.125% senior secured first lien notes due November 2027 and to partially redeem $0.5 billion outstanding of its 6.125% senior notes due October 2028. The filing describes this as a refinancing of existing debt. The indenture's covenants are limited.
They restrict the company and its subsidiaries from incurring liens, entering into sale and lease-back transactions, or consolidating, merging, or selling all or substantially all of their assets, subject to a number of exceptions. The filing states there are no restrictions on incurring additional indebtedness, making restricted payments, paying dividends or distributions, repurchasing capital stock, or entering into affiliate transactions or investments. The notes may be redeemed before September 15, 2029 at 100%c of principal plus a make-whole premium, plus accrued and unpaid interest.
On and after September 15, 2029, they may be redeemed at specified redemption prices, plus accrued and unpaid interest. The notes may also become subject to redemption upon a change of control, as defined in the indenture. The base indenture and the supplemental indenture are filed as Exhibits 4.1 and 4.2.
02—Key points
Key Highlights
- Tenet Healthcare issued $2.0 billion of 6.250% senior notes due 2034 on September 22, 2026.
- Net proceeds, together with cash on hand, are earmarked to redeem all $1.5 billion of 5.125% senior secured first lien notes due November 2027.
- The company also plans a partial redemption of $0.5 billion of its 6.125% senior notes due October 2028.
- The indenture's covenants are limited to restrictions on liens, sale and lease-back transactions, and certain mergers or asset sales, with no restrictions on additional debt, restricted payments, or affiliate transactions.
- Before September 15, 2029, the notes are redeemable at par plus a make-whole premium; on and after that date, at specified redemption prices.
- The notes may be redeemed upon a change of control, as defined in the indenture.
- The base indenture dates to November 6, 2001, and the forty-third supplemental indenture was dated September 22, 2026.
03—Questions
Frequently Asked Questions
How much debt did Tenet Healthcare issue, and at what coupon?
Tenet issued $2.0 billion in aggregate principal amount of 6.250% senior notes due 2034 on September 22, 2026, under the Indenture.
What is the company planning to do with the proceeds?
The company intends to use the net proceeds, after payment of fees and expenses, together with cash on hand, to redeem all $1.5 billion outstanding of its 5.125% senior secured first lien notes due November 2027 and to partially redeem $0.5 billion outstanding of its 6.125% senior notes due October 2028.
What restrictions do the new notes place on the company?
The covenants restrict the company and its subsidiaries from incurring liens, entering into sale and lease-back transactions, and consolidating, merging, or selling all or substantially all of their assets, subject to exceptions. The filing states there are no restrictions on incurring additional indebtedness, making restricted payments, paying dividends, repurchasing capital stock, entering into affiliate transactions, or making investments.
When and how can the company redeem the 2034 notes?
Before September 15, 2029, the company may redeem the notes in whole or in part at 100% of principal plus a make-whole premium, together with accrued and unpaid interest. On and after September 15, 2029, it may redeem them at specified redemption prices, together with accrued and unpaid interest. The notes may also become subject to redemption upon a change of control, as defined in the Indenture.
04—Continue