Tenet Healthcare Corp., Dallas, said it plans to offer a private placement of $450 million in 10-year senior secured notes, with the proceeds going to pay off bonds redeemed in the tender offer that Tenet made to bondholders last week. Tenet offered to buy back up to $1 billion in senior notes that come due in 2014. As a private placement, the new bonds can be sold only to qualified institutional investors and foreign investors.
Tenet to offer $450 million in 10-year senior notes
Fitch Ratings said the new bonds would garner a BB- rating, which equals the rating on $1.4 billion in similar senior secured notes that Tenet issued earlier this year to pay off an earlier repurchase offer.
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