Franklin, Tenn.-based Community Health Systems plans to offer $1.54 billion worth of senior secured notes to repay outstanding bonds.
The for-profit healthcare operator will offer investors senior secured notes due in 2030. The proceeds will be used to help redeem all of its outstanding 6.625 percent senior secured notes that are due in 2025.
Fitch Ratings assigned a "BB-"/"RR1" rating to the senior secured notes. The credit rating agency said the rating is supported by CHS' improving financial flexibility, stronger balance sheet and ability to manage the pandemic disruption.