Tenet Healthcare Corp., Dallas, said it is offering to repurchase up to $1 billion in senior notes due in 2014, contingent on the companys ability to sell new notes of equal worth to the bonds that holders tender for repurchase. No other details about the new senior secured notes were disclosed. The tender offer expires on June 25.
In February, Tenet completed an exchange offer that replaced $1.4 billion in bonds due in 2011 and 2012 with about $700 million in bonds due in each of 2015 and 2018. The company cited that exchange offer as a means of lengthening its debt maturities to ensure that the company wont be caught short of liquidity should bond markets continue to sputter.