Key Developments: Tenet Healthcare Corp (THC.N)

THC.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Tenet Healthcare Corp Sees Q2 2013 EBITDA Guidance Toward Low End Of Prior Range-conference Call
Monday, 24 Jun 2013 08:30am EDT 

Tenet Healthcare Corp announced that for the second quarter of 2013, it expects adjusted EBITDA to be toward the low end of outlook range of $325 million to $375 million. According to I/B/E/S Estimates, analysts are expecting the Company to report EBITDA of $358 million for second quarter of 2013.  Full Article

Tenet Healthcare Corp To Acquire Vanguard Health Systems Inc For $21 Per Share In Cash
Monday, 24 Jun 2013 06:08am EDT 

Tenet Healthcare Corp and Vanguard Health Systems Inc announced that they have signed a definitive agreement whereby Tenet will acquire Vanguard for $21 per share in an all cash transaction. The acquisition is valued at $4.3 billion including the assumption of $2.5 billion in Vanguard debt. Both Boards of Directors have unanimously approved the transaction and Tenet has secured fully committed financing from Bank of America Merrill Lynch. The acquisition, which is expected to close before the end of 2013. Upon closing, Charlie Martin, Vanguard's founder, Chairman and Chief Executive Officer, will join Tenet's Board of Directors. Keith Pitts, Vanguard's Vice Chairman, will join the Tenet senior management team as Vice Chairman. Gibson Dunn & Crutcher served as Tenet's legal counsel and Lazard acted as lead financial and strategic advisor. Bank of America Merrill Lynch, Barclays and Teneo Capital also served as advisors for Tenet. Skadden, Arps, Slate, Meagher & Flom served as Vanguard's legal counsel and JP Morgan acted as exclusive financial and strategic advisor.  Full Article

Tenet Healthcare Corp Announces Private Offering of Senior Secured Notes
Wednesday, 15 May 2013 08:57am EDT 

Tenet Healthcare Corp announced that it is offering to sell $1,050 million aggregate principal amount of senior secured notes maturing in 2021 through a private placement. The senior secured notes will be guaranteed by and secured by a pledge of the capital stock and other ownership interests of certain of Tenet`s subsidiaries. The proceeds from the offering will be used to purchase Tenet`s 8.875% senior secured notes due 2019 in a tender offer.  Full Article

Tenet Healthcare Corp Issues Q2 2013 EBITDA Guidance In Line With Analysts' Estimates; Reaffirms FY 2013 EBITDA Guidance
Tuesday, 30 Apr 2013 08:30am EDT 

Tenet Healthcare Corp announced that for second quarter of 2013, it expects adjusted EBITDA in the range of $325-$375 million. This second quarter Outlook includes expected contributions to EBITDA of $54 million related to the anticipated approval of the managed care portion of the 30-month California Provider Fee program and $31 million from the recognition of HIT incentives. The Company reaffirmed its previously announced guidance for fiscal 2013 adjusted EBITDA of $1.325 billion to $1.425 billion. According to I/B/E/S Estimates, analysts are expecting the Company to report EBITDA of $355 million for second quarter of 2013 and EBITDA of $1.35 billion for fiscal 2013.  Full Article

Tenet Healthcare Corp Issues Q1 2013 EBITDA Guidance Below Analysts' Estimates; Reaffirms FY 2013 EBITDA Guidance
Tuesday, 26 Feb 2013 07:30am EST 

Tenet Healthcare Corp announced that for first quarter of 2013, it expects adjusted EBITDA in the range of $250-$290 million. The first quarter guidance excludes any contribution related to the managed care portion of the 30 month California Provider Fee program, which is now expected to contribute $53 million to adjusted EBITDA in quarter ending June 30, 2013. The Company reaffirmed its previously announced guidance for fiscal 2013 adjusted EBITDA of $1.325 billion to $1.425 billion. According to I/B/E/S Estimates, analysts are expecting the Company to report EBITDA of $326 million for first quarter of 2013 and EBITDA of $1.35 billion for fiscal 2013.  Full Article

Tenet Healthcare Corp Announces Completion Of Private Offering Of 4.50% Senior Secured Notes Due 2021
Tuesday, 5 Feb 2013 01:09pm EST 

Tenet Healthcare Corp announced that the completion of its previously announced private offering of $850 million aggregate principal amount of its 4.50% Senior Secured Notes due 2021. The proceeds from the offering will be used to purchase Tenet`s 10.0% Senior Secured Notes due 2018 (the Notes) in a tender offer. Tenet will use any remaining net proceeds for purchases of its other outstanding senior secured notes through public or privately negotiated transactions, and for general corporate purposes, including the repayment of indebtedness and drawings under its senior secured revolving credit facility and strategic acquisitions. In connection with the tender offer, Tenet is also soliciting consents for certain amendments to the related indenture governing the Notes. The terms of the tender offer and the consent solicitation are contained in an offer to purchase and consent solicitation statement dated January 22, 2013 and a related consent and letter of transmittal. The tender offer will expire at 12:00 midnight, New York City time, on February 19, 2013.  Full Article

Tenet Healthcare Corp, Health Net Inc Reach New Agreement Covering 11 California Hospitals-DJ
Wednesday, 23 Jan 2013 04:54pm EST 

Dow Jones reported that Health Net Inc said it has reached a new agreement with Tenet Healthcare Corp. (THC), reinstating a relationship with the Tenet's network of hospitals in California that expired in December. The new two-year deal gives Health Net members access to all 11 Tenet hospitals in California, including the six Southern California hospitals that were terminated from Health Net's network on December 22. The agreement retroactively covers those six hospitals as if there was no termination, the Company said.  Full Article

Tenet Healthcare Corp Announces Pricing of Private Offering of Senior Secured Notes
Tuesday, 22 Jan 2013 04:22pm EST 

Tenet Healthcare Corp announced the pricing of its previously announced private offering of senior secured notes maturing in 2021. A total of $850 million aggregate principal amount of senior secured notes, which will bear interest at a rate of 4.5% per annum, will be issued. The senior secured notes will rank senior to Tenet`s existing and future subordinated indebtedness, be effectively senior to Tenet`s existing and future unsecured indebtedness and other liabilities to the extent of the value of the collateral securing the senior secured notes or guarantees thereon, and will rank pari passu with Tenet`s 6.25% senior secured notes due 2018, which were issued in November 2011 and April 2012, any 10% senior secured notes due 2018 that are not tendered in the tender offered mentioned below, which were issued in March 2009, its 8.875% senior secured notes due 2019, which were issued in June 2009 and its 4.750% senior secured notes due 2020, which were issued in October 2012, and similarly will be guaranteed by and secured by a pledge of the capital stock and other ownership interests of certain of Tenet's subsidiaries, and will be subordinated to Tenet`s obligations under its senior secured revolving credit facility, and any of its subsidiaries` secured guarantees thereof, to the extent of the value of the collateral securing borrowings under such facility. The offering of the senior secured notes is expected to close on February 5, 2013.  Full Article

Tenet Healthcare Corp Announces Private Offering Of Senior Secured Notes
Tuesday, 22 Jan 2013 08:10am EST 

Tenet Healthcare Corp announced that it is offering to sell $850 million aggregate principal amount of senior secured notes maturing in 2021 through a private placement. The senior secured notes will be guaranteed by and secured by a pledge of the capital stock and other ownership interests of certain of Tenet`s subsidiaries. The proceeds from the offering will be used to purchase Tenet`s 10.0% senior secured notes due 2018 in a tender offer. Tenet will use any remaining net proceeds for repurchases of its outstanding senior secured notes through publicly or privately negotiated transactions, and for general corporate purposes, including the repayment of indebtedness and drawings under its senior secured revolving credit facility and strategic acquisitions.  Full Article

Tenet Healthcare Corp Issues Q4 2012 EBITDA Guidance Below Analysts' Estimates; Raises FY 2012 EBITDA Guidance
Wednesday, 7 Nov 2012 08:00am EST 

Tenet Healthcare Corp announced that for fourth quarter of 2012, it expects adjusted EBITDA to be $313-$353 million. For fiscal 2012, it expects adjusted EBITDA is in a range of $1.325-$1.425 billion. According to I/B/E/S Estimates, analysts are expecting the Company to report EBITDA of $403 million for fourth quarter of 2012; EBITDA of $1,24 billion for fiscal 2012.  Full Article

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Hospital chain Tenet to buy Vanguard Health for $1.73 billion

- U.S. hospital operator Tenet Healthcare Corp said on Monday it will buy smaller rival Vanguard Health Systems Inc for $1.73 billion, putting it in a better position to benefit from the millions of Americans about to get insurance under President Barack Obama's healthcare reform. | Video

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