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Tenet Secures Underwriting for $500M Credit Facility

SANTA BARBARA, CA-Three banks commit to be joint-lead arrangers of a new three-year senior term loan credit facility for Tenet Healthcare Corp. The hospital operator and owner will use the proceeds from the new term loan facility to reduce borrowing under its other existing bank line, a $1.5-billion multi-year revolving credit facility.

By Erin Cassin | Updated on January 13, 2003

SANTA BARBARA, CA-Tenet Healthcare Corp., the Santa Barbara-based operator and owner of acute care hospitals, has secured underwriting for a $500-million credit facility.

The company has entered into an agreement with Banc of America Securities LLC, Citigroup and SunTrust Bank, in which the three banks have committed to be joint-lead arrangers of the new three-year senior term loan credit facility. Expected to include base borrowing rates of approximately LIBOR plus 2%, the new facility will replace Tenet’s existing $500-million, 364-day revolving credit facility, which company officials say is un-drawn and due to mature on February 28, 2003. Proceeds from the new facility will be used to reduce borrowings under the company’s other existing bank line, a $1.5-billion multi-year revolving credit facility due in 2006.

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