Community Health Systems, Inc. (the “Company”) (CYH) today announced that its wholly owned subsidiary, CHS/Community Health Systems, Inc. (the “Issuer”), has priced an offering of approximately $1.033 billion aggregate principal amount of its 8.625% Senior Secured Notes due 2024 (the “New Notes”). The size of the offering was increased by approximately $6 million aggregate principal amount subsequent to the initial announcement of the offering.
The sale of the New Notes is expected to be consummated on or about July 6, 2018, subject to customary closing conditions. The Issuer intends to use the net proceeds of the offering to repay $1.013 billion aggregate principal amount of term loans outstanding under its Term G Facility and to pay related fees and expenses.
The New Notes are being offered in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States pursuant to Regulation S under the Securities Act. The New Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
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