International law firm Milbank, Tweed, Hadley & McCloy LLP, led by Global Securities partners Rod Miller and Paul Denaro, acted as US counsel in a $900 million offering by Tenet Healthcare Corporation (“Tenet”) of its 6.25% Senior Secured Notes due in 2018, pursuant to Rule 144A and Regulation S.  The offering raised net proceeds of approximately $885 million.  Tenet will use the net proceeds from the offering to fund its cash tender offer for all of its outstanding $714 million 9% Senior Secured Notes due 2015, and for other general corporate purposes, including the repayment of indebtedness and drawings under its revolving credit facility.

“Milbank is honored to have acted as US Counsel in the closing of this significant deal,” said Rod Miller. “We expect the outcome of this offering to pave the way for future deals of this caliber.”

Tenet, a NYSE-listed company, is an investor-owned health care services company whose subsidiaries and affiliates principally own and operate acute care hospitals, ambulatory surgery centers and diagnostic imaging centers in 11 US states.  Tenet has a market capitalization of approximately $1.9 billion.

Other Milbank attorneys involved in this transaction include Leveraged Finance partner Michael J. Bellucci; Tax partner Andrew R. Walker; Employee Benefits partner Joel I. Krasnow; Securities associates Kevin MacLeod, Jeremy Steckel, Richard Mo and Meredith Hines; Leveraged Finance associates Sumita Ahuja and Andrew Sagor; and Tax associate Jonathan Grossberg.