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United States: Milbank Represents Initial Purchaser In $291 Million Add-On Note Offering By Tenet Healthcare Corporation
NEW YORK, MAY 2, 2012 – International law firm
Milbank, Tweed, Hadley & McCloy LLP, led by Global
Securities partners Rod Miller and Paul Denaro, acted as counsel to
Merrill Lynch, Pierce, Fenner & Smith Incorporated, as sole
book-running manager, in a $291 million reopening offering of two
tranches of notes by Tenet Healthcare Corporation. Tenet sold an
additional $141,233,000 aggregate principal amount of 6.25% Senior
Secured Notes due 2018, originally issued in 2011, and an
additional $150,000,000 aggregate principal amount of 8% Senior
Notes due 2020, originally issued in 2010.
Tenet used the proceeds of the offering to purchase an
equivalent amount of its outstanding 7.000% Mandatory Convertible
Preferred Stock, which were due to convert to common shares in
October 2012.
The repurchase of preferred stock, coupled with Tenet's
share repurchase program completed earlier this year, have
effectively reduced Tenet's outstanding common share count
by approximately 25% on a fully dilutive basis.
Tenet is a leading health care services company that, through
its subsidiaries, operates 50 hospitals, over 100 free-standing
outpatient centers and Conifer Health Solutions, a leader in
business process solutions for health care providers that serves
more than 300 hospital and health care entities nationwide.
Other Milbank attorneys involved in this transaction included
Tax partner Andrew Walker, ERISA partner Joel Krasnow, Global
Securities associates Sam Badawi and Meredith Hines and Tax
associate Randy Clark.
About Milbank
Milbank, Tweed, Hadley & McCloy LLP is a leading
international law firm providing innovative legal solutions to
clients throughout the world for more than 140 years. Milbank is
headquartered in New York and has offices in Beijing, Frankfurt,
Hong Kong, London, Los Angeles, Munich, São Paulo,
Singapore, Tokyo and Washington, DC.
The firm's lawyers provide a full range of legal
services to the world's leading commercial, financial and
industrial enterprises, as well as to institutions, individuals and
governments. Milbank's lawyers meet the needs of our
clients by offering a highly integrated and collaborative range of
services across key practice groups throughout our global network.
Milbank's integrated practice is underpinned by our
attorneys' acknowledged technical excellence, sector
expertise and a strong tradition of innovation and client
service.
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