Dallas-based Tenet Healthcare will sell $1.45 billion of newly issued senior secured first lien notes to help finance a proposed acquisition.
Four details:
1. The senior secured notes will mature in 2030.
2. Tenet will use the proceeds from the sale to finance its proposed acquisition of Towson, Md.-based SurgCenter Development. Under the agreement, Tenet and its subsidiary United Surgical Partners International plan to acquire ownership interests in 92 ambulatory surgery centers and related ambulatory support services for abou $1.2 billion.
3. If the deal with SurgCenter falls through, Tenet will use the proceeds from the sale of notes for general corporate items, including refinancing debt or capital expenditures.
4. Fitch Ratings assigned a "B+"/"RR3" rating to the senior secured notes. Fitch said the rating reflects Tenet's solid competitive position and durability of its operational and financial results.