January 22, 2009 / 4:10 PM / 11 years ago

Tenet Healthcare announces $1.6 bln debt exchange

NEW YORK, Jan 22 (Reuters) - Tenet Healthcare Corp (THC.N) on Thursday announced a $1.6 billion debt exchange of outstanding notes that will be swapped for debt maturing in 2014 and 2019.

The new notes will be guaranteed and secured by a pledge of the capital stock and other ownership interests of Tenet’s subsidiaries, the company said.

Tenet said on Thursday fourth-quarter patient volumes held up reasonably well and it benefited from expense reductions. For details, click [ID:nN22522459]

Tenet said fourth-quarter net revenue is expected to be $2.17 billion, on a same-hospital basis, an increase of about $102 million, or 4.9 percent, from fourth quarter of 2007. (Reporting by Walden Siew and Euan Rocha; Editing by James Dalgleish)

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