Shares of CHS close below $3 for first time

Shares of Franklin, Tenn.-based Community Health Systems closed July 10 at $2.97, their lowest closing price ever and down 4.8 percent from the day prior.

The 119-bed hospital chain's stock price traded as low as $2.88 on July 10 after closing July 9 at $3.12 per share. CHS' shares have lost 33.3 percent of their value in the past month, since hitting $4.45 June 11. 

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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