FRANKLIN, Tenn.--(BUSINESS WIRE)--Mar. 7, 2017--
Community Health Systems, Inc. (NYSE: CYH) (the “Company”) today
announced that its wholly owned subsidiary CHS/Community Health Systems,
Inc. (the “Issuer”) has priced an offering (the “offering”) of
$2,200,000,000 aggregate principal amount of its 6.250% Senior Secured
Notes due 2023 (the “Notes”). The size of the offering was increased by
$450,000,000 aggregate principal amount subsequent to the initial
announcement of the offering.
The sale of the Notes is expected to be consummated on or about March
16, 2017, subject to customary closing conditions. The offering is being
made by means of an underwritten public offering pursuant to an
automatic shelf registration statement filed with the Securities and
Exchange Commission. The Company intends to use the net proceeds of the
offering to purchase any and all of the Issuer’s 5.125% Senior Secured
Notes due 2018 (the “2018 Notes”) that are validly tendered and not
validly withdrawn in the cash tender offer announced on March 2, 2017,
to redeem all of the 2018 Notes that are not purchased pursuant to the
tender offer, to repay $1.445 billionaggregate principal amount
of certain term loans outstanding under its amended and restated credit
facility, to pay related fees and expenses and the remainder, if any,
for general corporate purposes.
The underwriters in connection with the offering are Credit Suisse
Securities (USA) LLC, BofA Merrill Lynch, Citigroup Global Markets Inc.,
Credit Agricole Securities (USA) Inc., Goldman, Sachs & Co., J.P. Morgan
Securities LLC, RBC Capital Markets, LLC, SunTrust Robinson Humphrey,
Inc., UBS Securities LLC, Wells Fargo Securities, LLC, BBVA Securities
Inc., Deutsche Bank Securities Inc., Fifth Third Securities, Inc.,
Morgan Stanley & Co. LLC, Regions Securities LLC and Scotia Capital
(USA) Inc. The offering will be made only by means of a prospectus and
related prospectus supplement, copies of which may be obtained on the
Securities and Exchange Commission’s website at www.sec.gov.
Alternatively, these documents may be obtained from Credit Suisse
Securities (USA) LLC by directing a request to Credit Suisse Securities
(USA) LLC, Document Retention, 11 Madison Avenue, New York, NY 10010, or
by calling (800) 221-1037 (toll-free).
This press release is neither an offer to sell nor a solicitation of
an offer to buy any securities, nor shall there be any offer,
solicitation or sale in any jurisdiction in which such offer,
solicitation or sale would be unlawful. Such an offer can only be made
by delivery of a prospectus and prospectus supplement, if applicable,
that have been filed with the Securities and Exchange Commission.
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. The
Company, through its subsidiaries, owns, leases or operates 158
hospitals in 22 states with an aggregate of approximately 26,000
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.”
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170307006580/en/
Source: Community Health Systems, Inc.
Community Health Systems, Inc.
Investor Contacts:
W.
Larry Cash, 615-465-7000
President of Financial Services and Chief
Financial Officer
or
Ross W. Comeaux, 615-465-7012
Senior
Director – Investor Relations
or
Media Contact:
Tomi
Galin, 615-628-6607
Senior Vice President, Corporate
Communications, Marketing and Public Affairs
