Tenet Healthcare Corporation announced on September 8, 2026, the commencement of a private placement offering of $1.5 billion in aggregate principal amount of new senior notes due 2034. The company stated that the net proceeds from this sale, after payment of fees and expenses, will be used to refinance existing debt. Specifically, the funds will be combined with cash on hand to redeem all $1.5 billion outstanding of its 5.125% senior secured first lien notes due November 2027.
In a separate announcement on the same date, Tenet disclosed the pricing and upsizing of the offering to $2.0 billion in aggregate principal amount of its 6.250% senior notes due 2034. The closing of the sale is expected to occur on September 22, 2026, subject to customary closing conditions.
The new notes will be unsecured obligations. According to the filing, they will rank equally in right of payment with the company’s existing and future senior unsecured obligations, but will be senior to all existing and future unsecured subordinated obligations. The notes will be effectively subordinated to senior secured obligations and structurally subordinated to the obligations of the company’s subsidiaries.
Separately, Tenet issued notices of conditional redemption for its existing debt. The company expects to redeem its 2027 Notes and $0.5 billion of its 2028 Notes on September 23, 2026. The notes are not registered under the Securities Act and will be offered only to qualified institutional buyers under Rule 144A or non-U.S. persons in compliance with Regulation S.
