CHS shares continue downward spiral, sink to new low

Shares of Franklin, Tenn.-based Community Health Systems closed July 2 at $3.13, their lowest closing price ever and down nearly 5.7 percent from the day prior.

The 119-hospital chain's stock price traded as low as $3.12 on July 2 after closing June 29 at $3.32 per share.

CHS' share price began sinking June 29 after the company priced a new offering of approximately $1.03 billion of senior secured notes after markets closed June 28. The company intends to use the proceeds to pay off about $1.01 billion in outstanding term loans and related expenses.

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