On November 4, 2019, CHS/Community Health Systems, Inc. (the Issuer), a wholly-owned subsidiary of Community Health Systems,
Inc. (the Company), priced an offering of an additional $500 million aggregate principal amount of its outstanding 8.000% Senior Secured Notes due 2026 (the Tack-On Notes) at an
issue price of 100%, plus accrued and unpaid interest from September 15, 2019 to the closing date. The Tack-On Notes will be part of the same series as, and rank equally with, the Issuers 8.000%
Senior Notes due 2026 issued in March 2019. After giving effect to this offering, the Issuer will have $2,100,809,000 aggregate principal amount of outstanding 8.000% Senior Secured Notes due 2026. The sale of the
Tack-On Notes is expected to be consummated on or about November 19, 2019, subject to customary closing conditions.
The Issuer intends to use the net proceeds of the offering of Tack-On Notes to (i) redeem all
$121 million aggregate principal amount of its outstanding 7.125% Senior Unsecured Notes due 2020 at par plus accrued and unpaid interest to, but excluding, the redemption date, (ii) repay amounts outstanding under the Issuers
existing cash-flow based revolving credit facility (including cash-collateralizing approximately $145 million of outstanding letters of credit), which will be terminated in connection with this offering and related refinancing transactions, and
(iii) repay borrowings outstanding under the Issuers asset-based loan facility.
Tack-On Notes are being offered in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act), and outside the
United States pursuant to Regulation S under the Securities Act. The Tack-On Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or
an applicable exemption from the registration requirements.
This report is neither an offer to sell nor a solicitation of an offer to buy
any securities, nor shall there be any offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. Any offers of the Tack-On Notes will be made only by means of
a private offering memorandum.
This report may include information that could constitute forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements involve risk and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new
information, future events or otherwise, except as otherwise required by law.