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Community Health Systems Announces Pricing of Senior Secured Notes Due 2025

Community Health Systems, Inc. (the "Company") (NYSE: CYH) today announced that its wholly owned subsidiary, CHS/Community Health Systems, Inc. (the "Issuer"), has priced an offering of $1.462 billion aggregate principal amount of its 6.625% Senior Secured Notes due 2025 (the "Notes"). The sale of the Notes is expected to be consummated on or about February 6, 2020, subject to customary closing conditions. The size of the offering was increased by approximately $442 million aggregate principal amount subsequent to the initial announcement of the offering.

The Issuer intends to use the net proceeds of the offering of Notes to (i) purchase any and all of its 5.125% Senior Secured Notes due 2021 (the "2021 Notes") validly tendered and not validly withdrawn in the cash tender offer announced on January 23, 2020, (ii) redeem all of the 2021 Notes that are not purchased pursuant to such tender offer, (iii) purchase in one or more privately negotiated transactions or redeem approximately $425.5 million aggregate principal amount of its 6.250% Senior Secured Notes due 2023 and (iv) pay related fees and expenses.

The Notes are being offered in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States pursuant to Regulation S under the Securities Act. The Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall there be any offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. Any offers of the Notes will be made only by means of a private offering memorandum. This notice is being issued pursuant to and in accordance with Rule 135(c) under the Securities Act.

Forward-Looking Statements
This press release may include information that could constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risk and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200123005876/en/

Contacts

Investor Contacts:
Kevin J. Hammons
Executive Vice President and Chief Financial Officer
615-465-7000

Ross W. Comeaux
Vice President – Investor Relations
615-465-7012

Media Contact:
Tomi Galin
Senior Vice President, Corporate Communications, Marketing and Public Affairs
615-628-6607