CHS shares hit all-time low

Shares of Franklin, Tenn.-based Community Health Systems closed Friday at $3.32, their lowest closing price ever, and traded as low as $3.28 throughout the day.

CHS has struggled with a heavy debt load and plunging share prices for months. The 119-hospital chain's stock price traded down about 11.6 percent June 29 after closing June 28 at $3.71.

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

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