Milbank Represents Initial Purchaser In $291 Million Add-On Note Offering By Tenet Healthcare Corporation

Profession:Milbank, Tweed, Hadley & McCloy LLP
 
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NEW YORK, MAY 2, 2012 – International law firm Milbank, Tweed, Hadley & McCloy LLP, led by Global Securities partners Rod Miller and Paul Denaro, acted as counsel to Merrill Lynch, Pierce, Fenner & Smith Incorporated, as sole book-running manager, in a $291 million reopening offering of two tranches of notes by Tenet Healthcare Corporation. Tenet sold an additional $141,233,000 aggregate principal amount of 6.25% Senior Secured Notes due 2018, originally issued in 2011, and an additional $150,000,000 aggregate principal amount of 8% Senior Notes due 2020, originally issued in 2010.

Tenet used the proceeds of the offering to purchase an equivalent amount of its outstanding 7.000% Mandatory Convertible Preferred Stock, which were due to convert to common shares in October 2012.

The repurchase of preferred stock, coupled with Tenet's share repurchase program completed earlier this year, have effectively reduced Tenet's outstanding common share count by approximately 25% on a fully dilutive basis.

Tenet is a leading health care services company that, through its subsidiaries, operates 50 hospitals, over 100 free-standing outpatient centers and Conifer Health Solutions, a leader in business process solutions for health care providers...

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