Community Health Systems, Inc. announced on November 9, 2026, that its subsidiary intends to commence a private exchange offer for its outstanding debt. The company seeks to exchange approximately $1,244.5 million in aggregate principal amount of 6.875% Junior-Priority Secured Notes due 2029 for newly issued 10.250% Senior Secured Notes due 2035.
The exchange offer is accompanied by a solicitation of consents to amend the indenture governing the Old Notes. The proposed amendments aim to eliminate substantially all restrictive covenants and certain events of default. The company has entered into a support agreement with institutional holders who collectively control a majority of the Old Notes, ensuring the necessary consents to adopt the amendments.
Under the terms of the exchange offer, holders who tender their Old Notes by the Early Tender Deadline on November 23, 2026, will receive $1,000 in New Notes for every $1,000 principal amount tendered. This total consideration includes an early tender premium of $30. Holders who tender after the Early Tender Deadline, up to the Expiration Date of December 10, 2026, will receive $970 in New Notes.
The New Notes are expected to bear interest at a rate of 10.250% per annum, payable semi-annually on May 15 and November 15, commencing May 15, 2027. They are expected to mature on January 15, 2035. The New Notes will be senior secured and guaranteed by the company and certain domestic subsidiaries.
