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Community Health Systems, Inc. Announces Early Tender Offer Results for Its 5.125% Senior Secured Notes Due 2018


FRANKLIN, Tenn.--(BUSINESS WIRE)--May 16, 2016-- Community Health Systems, Inc. (the “Company”) (NYSE: CYH) today announced the early tender results of the previously announced cash tender offer by its wholly owned subsidiary, CHS/Community Health Systems, Inc. (the “Issuer”), for up to $900.0 million of the Issuer’s approximately $1.6 billion aggregate principal amount outstanding of its 5.125% Senior Secured Notes due 2018 (the “2018 Notes”) pursuant to the terms and conditions set forth in the Issuer’s Offer to Purchase dated May 2, 2016 (the “Offer to Purchase”).

As of the previously announced early tender deadline of 5:00 p.m., New York City time, on May 13, 2016 (the “Early Tender Deadline”), $1,128,289,000 in aggregate principal amount, or approximately 70.52 percent, of the outstanding 2018 Notes had been validly tendered and not withdrawn.

Because the tender offer is oversubscribed, the Issuer has accepted for purchase tendered 2018 Notes on a prorated basis in the manner described in the Offer to Purchase.

The following table sets forth the outstanding principal amount of the 2018 Notes, the principal amount that has been validly tendered and not withdrawn as of the Early Tender Deadline, the principal amount accepted for purchase and the approximate proration factor:

  Title of Security        





Tender Cap


Principal Amount
Tendered and
Not Withdrawn


Accepted for




5.125% Senior
Secured Notes
due 2018


12543D AR1

        $1,600,000,000         $900,000,000         $1,128,289,000         $900,000,000         79.9%  

Payment for 2018 Notes accepted for purchase is expected to be made today, May 16, 2016. Holders who tender 2018 Notes after the Early Tender Deadline will not have any of their 2018 Notes accepted for purchase. The tender offer will expire at 5:00 p.m., New York City time, on May 31, 2016, unless extended or earlier terminated by the Issuer. The Issuer reserves the right to terminate, withdraw, or amend the tender offer at any time subject to applicable law.

The Issuer has retained Credit Suisse Securities (USA) LLC to act as Dealer Manager in connection with the tender offer. Questions about the tender offer may be directed to Credit Suisse Securities (USA) LLC at (800) 820-1653 (toll free) or (212) 538-2147 (collect). Copies of the tender offer documents and other related documents may be obtained from D.F. King & Co., Inc., the information agent for the tender offer, at (866) 829-0135 (toll free) or (212) 269-5550 (collect).

The tender offer is being made solely by means of the tender offer documents. Under no circumstances shall this press release constitute an offer to purchase or the solicitation of an offer to sell the 2018 Notes or any other securities of the Issuer or any other person, nor shall there be any offer or sale of any 2018 Notes or other securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No recommendation is made as to whether holders of the 2018 Notes should tender their 2018 Notes.

About Community Health Systems, Inc.

Community Health Systems, Inc. is one of the largest publicly traded hospital companies in the United States and a leading operator of general acute care hospitals in communities across the country. After giving effect to the spin-off of Quorum Health Corporation, through its subsidiaries, the Company owns, leases or operates 160 affiliated hospitals in 22 states with an aggregate of approximately 27,000 licensed beds.

The Company’s headquarters are located in Franklin, Tennessee, a suburb south of Nashville. Shares in Community Health Systems, Inc. are traded on the New York Stock Exchange under the symbol “CYH.” More information about the Company can be found on its website at

Forward-Looking Statements

Statements contained in this press release regarding the proposed transactions and other events are forward-looking statements that involve risk and uncertainties. Actual future events or results may differ materially from these statements. Readers are referred to the documents filed by Community Health Systems, Inc. with the Securities and Exchange Commission, including the Company’s annual report on Form 10-K, current reports on Form 8-K and quarterly reports on Form 10-Q. These filings identify important risk factors and other uncertainties that could cause actual results to differ from those contained in the forward-looking statements. The Company undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Source: Community Health Systems, Inc.

Community Health Systems, Inc.
Investor Contact:
W. Larry Cash, 615-465-7000
President of Financial Services and Chief Financial Officer
Media Contact:
Tomi Galin, 615-628-6607
Senior Vice President, Corporate Communications, Marketing and Public Affairs