International law firm Milbank, Tweed, Hadley & McCloy LLP, led by Securities partners Rod Miller and Paul Denaro, acted as counsel to the initial purchasers in a $500 million offering by Tenet Healthcare Corporation (“Tenet”) of its 4.25% Senior Secured Notes due 2020, and a $300 million offering by Tenet of its Senior Unsecured Notes due 2020, pursuant to Rule 144A and Regulation S.
Milbank also acted as counsel to the joint dealer managers in Tenet’s concurrent cash tender offer for its outstanding 7.375% Senior Notes due 2013.
For the offerings, Barclays, BofA Merrill Lynch, Citigroup and Wells Fargo Securities acted as joint book-running managers, and Goldman, Sachs & Co., Morgan Stanley and Scotiabank acted as co-managers.
For the tender offer, Barclays, BofA Merrill Lynch, Citigroup and Wells Fargo Securities acted as joint dealer-managers.
Commenting on the deal, Mr. Miller said, “We are pleased to have advised on another return to the capital markets by Tenet, which secured extremely attractive pricing for the company for its notes. Our securities group continues to work with leading financial institutions and issuers in bringing large securities offerings to market. The market for quality high-yield issuances is extremely strong at present and we expect to advise on additional offerings in the months ahead.”
Milbank has advised on nearly $2 billion of financings by Tenet in the past year. In addition to Mr. Miller and Mr. Denaro, the Milbank team included Leveraged Finance partner Michael Bellucci, Securities associates Sam Badawi, Jeremy Steckel and Meredith Hines, and Leveraged Finance associate Craig Gibson.
Tenet Healthcare Corporation, a leading health care services company, through its subsidiaries operates 49 hospitals, more than 100 free-standing outpatient centers and Conifer Health Solutions, a leader in business process solutions for health care providers serving nearly 400 hospital and health care entities nationwide. In 2011, the company recorded more than 500,000 in-patient admissions and four million out-patient visits.
