Company: THC
Filing Date: 2025-10-28
Form Type: 10-Q
Source: 0000070318-25-000046
Chunk: 118

Company: TENET HEALTHCARE CORP
Filing Date: 2025-10-28
Form: 10-Q
Item: Part I, Item 8
Chunk 118
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11,350 1,350 Senior secured second lien notes:6.250% due 20271,500 1,500 Finance leases, mortgages and other notes604 605 Unamortized issue costs and note discounts(79)(94)Total long-term debt13,187 13,173 Less: Current portion85 92 Long-term debt, net of current portion$13,102 $13,081 Senior Unsecured Notes and Senior Secured NotesAt September 30, 2025, we had senior unsecured notes and senior secured notes with aggregate principal amounts outstanding of $12.662 billion. These notes have fixed interest rates ranging from 4.250% to 6.875% and require semi‑annual interest payments in arrears. A payment of the principal and any accrued but unpaid interest is due upon the maturity date of the respective notes, which dates are staggered from February 2027 through November 2031.Credit AgreementWe have a senior secured revolving credit facility (as amended, the “Credit Agreement”) that provides for revolving loans in an aggregate principal amount of up to $1.500 billion with a $200 million subfacility for standby letters of credit. Our borrowing availability, which is based on a specified percentage of eligible inventory and accounts receivable, was $1.500 billion at September 30, 2025. On that date, we had no cash borrowings outstanding under the Credit Agreement, and we had less than $1 million of standby letters of credit outstanding.Letter of Credit FacilityWe have a letter of credit facility (as amended to date, the “LC Facility”) that provides for the issuance, from time to time, of standby and documentary letters of credit in an aggregate principal amount of up to $200 million. At September 30, 2025, we had $104 million of standby letters of credit outstanding under the LC Facility.

NOTE 6. GUARANTEES

At September 30, 2025, the maximum potential amount of future payments under our income guarantees to certain physicians who agree to relocate and revenue collection guarantees to hospital‑based physician groups providing certain 

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services at our hospitals was $176 million. We had a total liability of $141 million recorded for these guarantees included in other current liabilities in the accompanying Condensed Consolidated Balance Sheet at September 30, 2025.

We have also issued guarantees of the indebtedness