Company: THC
Filing Date: 2025-11-18
Form Type: 8-K
Source: 0001193125-25-286146
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Company: TENET HEALTHCARE CORP
Filing Date: 2025-11-18
Form: 8-K
Item: Item 2.03
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Item 2.03.      Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.  

On November 18, 2025, Tenet Healthcare Corporation (“ Tenet”) issued $1,500,000,000 in aggregate principal amount of 5.500% senior secured first lien notes due 2032 (the “ First Lien Notes”) and $750,000,000 in aggregate principal amount of 6.000% senior notes due 2033 (the “ Senior Notes” and together with the First Lien Notes, the “ Notes”). The First Lien Notes were issued pursuant to an indenture, dated as of November 6, 2001 (the “ Base Indenture”), between Tenet and The Bank of New York Mellon Trust Company, N. A., as successor trustee to The Bank of New York as trustee (in such capacity, the “ Trustee”), as supplemented by the forty-first supplemental indenture, dated as of November 18, 2025 among Tenet, the guarantors party thereto, and the Trustee (the “ Forty-First Supplemental Indenture” and together with the Base Indenture, the “ First Lien Notes Indenture”) and the Senior Notes were issued pursuant to the Base Indenture, as supplemented by the forty-second supplemental indenture, dated as of November 18, 2025 between Tenet and the Trustee (the “ Forty-Second Supplemental Indenture” and together with the Base Indenture, the “ Senior Notes Indenture” and together with the First Lien Notes Indenture, the “ Indentures”).

Tenet intends to use the net proceeds from the sale of the Notes, after payment of fees and expenses, to finance, together with cash on hand, the redemption of all $1.5 billion outstanding of its 6.250% senior secured second lien notes due February 2027 and the partial redemption of $0.75 billion outstanding of its 6.125% senior notes due October 2028.

The First Lien Notes Indenture contains covenants that, among other things, restrict Tenet’s ability and the ability of its subsidiaries to: incur liens; provide subsidiary guarantees; consummate asset sales; enter into sale and lease-back transactions; or consolidate, merge or sell all or substantially all of their assets, other than in certain transactions between one or more of