Community Health Systems, Inc. Announces Cash Tender Offers for up to $400.0 Million Aggregate Purchase Price of Its Outstanding Notes
Community Health Systems, Inc. (the “Company”) (NYSE: CYH) announced today that its wholly owned subsidiary, CHS/Community Health Systems, Inc. (the “Issuer”), has commenced tender offers (the “Tender Offers”) to purchase for cash its outstanding (i) 6.875% Senior Notes due 2022 (the “2022 Notes”), (ii) 8.125% Junior-Priority Secured Notes due 2024 (the “Junior-Priority 2024 Notes”), (iii) Junior-Priority Secured Notes due 2023 (the “Junior-Priority 2023 Notes”) and (iv) 6.875% Senior Unsecured Notes due 2028 (the “2028 Notes” and, together with the 2022 Notes, Junior-Priority 2024 Notes and Junior-Priority 2023 Notes, the “Notes”) up to an aggregate principal amount that will not result in a maximum aggregate purchase price (excluding accrued and unpaid interest) that exceeds $400 million (the “Maximum Aggregate Purchase Price”), subject to the order of priority and proration provisions as set forth in the Offer to Purchase and Consent Solicitation Statement, dated October 30, 2020 (the “Offer to Purchase”).
The complete terms and conditions of the Tender Offers and the Consent Solicitation (as defined below) are set forth in the Offer to Purchase that is being sent to holders of the Notes.
Subject to the Maximum Aggregate Purchase Price, the amount of a series of Notes that is purchased in the Tender Offers will be based on the order of priority (the “Acceptance Priority Level”) for such series of Notes as set forth in the table below, with 1 being the highest Acceptance Priority Level and 4 being the lowest Acceptance Priority Level, as further described in the Offer to Purchase. It is possible that the Issuer may not accept all Notes tendered under the Tender Offers. If the acceptance of all tenders in the Tender Offers would result in a maximum aggregate purchase price (excluding accrued and unpaid interest) that exceeds the Maximum Aggregate Purchase Price, tenders, other than with respect to the 2022 Notes validly tendered and not validly withdrawn at or prior to 5:00 p.m., New York City time, on November 13, 2020 (unless extended, the “Early Tender Deadline”), will be subject to proration arrangements as described in the Offer to Purchase.
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