The for-profit health system said it will redeem $1.1 billion of the $1.87 billion outstanding 4.625 percent senior secured first lien notes due in 2024.
Tenet said the retirement of debt will be funded by proceeds from the recent sale of five Florida hospitals to Dallas-based Steward Health Care.
Tenet said it expects the redemption of the notes, slated for Sept. 10, to lower its annual cash interest payments by about $50 million.
The redemption price will be just over 101 percent of the principal amount of the notes, plus accrued and unpaid interest.
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