Community Health Systems, Inc. Announces Early Tender Offer Results for 5.125% Senior Secured Notes Due 2021
February 05 2020 - 5:58PM
Business Wire
Community Health Systems, Inc. (the “Company”) (NYSE: CYH) today
announced the early tender results of the previously announced cash
tender offer (the “Tender Offer”) by its wholly owned subsidiary,
CHS/Community Health Systems, Inc. (the “Issuer”), for any and all
of the Issuer’s outstanding 5.125% Senior Secured Notes due 2021
(the “2021 Notes”) on the terms and subject to the conditions set
forth in the Issuer's Offer to Purchase dated January 23, 2020, and
the accompanying Letter of Transmittal dated January 23, 2020.
As of the early tender deadline of 5:00 p.m., New York City
time, on February 5, 2020 (the “Early Tender Deadline”),
$632,452,000 in aggregate principal amount, or approximately 63.25
percent, of the outstanding 2021 Notes had been validly tendered
and not validly withdrawn. All the 2021 Notes validly tendered and
not validly withdrawn by the Early Tender Deadline were accepted
for purchase by the Issuer.
The following table sets forth the outstanding principal amount
of the 2021 Notes, the principal amount that had been tendered and
not withdrawn as of the Early Tender Deadline and the principal
amount accepted for purchase by the Issuer:
CUSIP No.
Title of Security
Aggregate Principal Amount
Outstanding
Aggregate Principal Amount
Tendered and Not Withdrawn
Aggregate Principal Amount
Accepted for Purchase
12543D AU4
5.125% Senior Secured Notes due
2021
$1,000,000,000
$632,452,000
$632,452,000
Payment for the 2021 Notes accepted for purchase by the Issuer
is expected to be made tomorrow, February 6, 2020. The Tender Offer
is scheduled to expire at 12:00 midnight, New York City time, on
February 20, 2020, unless extended or earlier terminated by the
Issuer. The tender withdrawal deadline has passed. Accordingly,
tenders of the 2021 Notes may no longer be withdrawn. The Issuer
reserves the right to amend, extend or terminate the Tender Offer
at any time subject to applicable law.
On January 23, 2020, the Issuer delivered to the trustee for
delivery to the holders of the 2021 Notes a conditional notice of
redemption to redeem all of the 2021 Notes not purchased by the
Issuer in the Tender Offer on February 22, 2020, at a redemption
price of 100.000% of the principal amount of the 2021 Notes plus
accrued and unpaid interest to, but not including, February 22,
2020.
The Issuer has retained Credit Suisse Securities (USA) LLC to
act as dealer manager in connection with the Tender Offer.
Questions about the Tender Offer may be directed to Credit Suisse
Securities (USA) LLC at (800) 820-1653 (toll free) or (212)
538-2147 (collect). Copies of the Tender Offer documents and other
related documents may be obtained from Global Bondholder Services
Corporation, the tender agent and information agent for the Tender
Offer, at (866) 470-3800 (toll free) or (212) 430-3774 (collect) or
email contact@gbsc-usa.com.
The Tender Offer is being made solely by means of the Tender
Offer documents. Under no circumstances shall this press release
constitute an offer to purchase or the solicitation of an offer to
sell the 2021 Notes or any other securities of the Issuer or any
other person, nor shall there be any offer or sale of any 2021
Notes or other securities in any state or jurisdiction in which
such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction. In addition, nothing contained herein constitutes a
notice of redemption of the 2021 Notes. No recommendation is made
as to whether holders of the 2021 Notes should tender their 2021
Notes.
Forward-Looking Statements
This press release 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200205005881/en/
Investor Contacts: Kevin J. Hammons Executive Vice
President and Chief Financial Officer 615-465-7000
Ross W. Comeaux Vice President – Investor Relations
615-465-7012
Media Contact: Tomi Galin Senior Vice President,
Corporate Communications, Marketing and Public Affairs
615-628-6607
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