Tenet said it intends to use the proceeds from the offering of notes for several purposes, which may include refinancing and repaying outstanding debt, cash on balance sheet and capital expenditures. Completion of the offering is subject to pricing and closing conditions.
On June 2, Fitch Ratings assigned a “B+/RR3” rating to Tenet’s senior secured first lien notes.
Tenet, which operates 65 hospitals across the U.S., ended the first quarter of this year with net income of $94 million on revenue of $4.52 billion. In early May, the company said the COVID-19 pandemic had lowered its net income by about $73 million. In the first quarter of 2019, Tenet reported a net loss of $20 million on revenue of $4.55 billion.
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