Company: THC
Filing Date: 2025-11-05
Form Type: 8-K
Source: 0001193125-25-266885
Chunk: 0

Company: TENET HEALTHCARE CORP
Filing Date: 2025-11-05
Form: 8-K
Item: Item 1.01
Chunk 0
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Item 1.01.      Entry into a Material Definitive Agreement.  

New Credit Agreement

On November 4, 2025 (the “ Closing Date”), Tenet Healthcare Corporation, a Nevada corporation (“ Tenet”), entered into a Credit Agreement (the “ ABL Agreement”) to provide for a senior secured revolving credit facility (the “ Facility”), by and among Tenet, as the borrower, the lenders and issuers party thereto and JPMorgan Chase Bank, N. A., as administrative agent (in such capacity, the “ ABL Agent”).

The ABL Agreement has an effective date of November 4, 2025 and provides for, subject to borrowing availability, revolving loans in an aggregate principal amount of up to $1.9 billion with a $200 million sub-facilityfor letters of credit. Tenet’s borrowing availability under the ABL Agreement is calculated by reference to a borrowing base which is determined by specified percentages of eligible accounts receivable, eligible inventory and Medicaid supplemental payments.

Tenet’s obligations under the Facility are guaranteed by certain domestic wholly-owned hospital subsidiaries of Tenet (the “ Subsidiary Guarantors”). Tenet’s and the Subsidiary Guarantors’ obligations under the ABL Agreement are secured by a first-priority lien on the accounts receivable and inventory owned by Tenet and the Subsidiary Guarantors.

The Facility will terminate on the earlier of (i) November 4, 2030 (the “ Scheduled Maturity Date”) or (ii) 45 business days prior to the maturity date of (x) any series of Tenet’s senior notes due in 2028 or (y) any series of Tenet’s senior secured notes due in 2027, 2028, 2029 or 2030, but solely to the extent that the principal amount of such series exceeds $2.5 billion (each, a “ Springing Maturity Date”), unless (a) prior to each Springing Maturity Date, with respect to at least 80% of the aggregate principal amount of the applicable series of notes, the maturity date is extended to a date no earlier than one year after the Scheduled Maturity Date or such amount is repaid, defeased, discharged or refinanced, or (b) on each such Springing Maturity Date, the Excess Availability Condition (as defined in the ABL Agreement), determined on a pro forma basis, after giving effect to the full repayment of the