Shares of CHS hit new low

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Shares of Franklin, Tenn.-based Community Health Systems closed July 13 at $2.86, their lowest closing price ever and down 2 percent from the day prior.

The hospital chain's stock price traded as low as $2.85 on July 13 after closing July 12 at $2.92 per share. CHS' shares have lost 35 percent of their value in the past month, since hitting $4.41 June 15.

CHS' share price began sinking in late June after the company priced a new offering of approximately $1.03 billion of senior secured notes. 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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