Exhibit 99.1
COMMUNITY HEALTH SYSTEMS, INC. ANNOUNCES EARLY TENDER RESULTS AND NOTICE OF REDEMPTION FOR ITS 6.250% SENIOR SECURED NOTES DUE 2023
FRANKLIN, Tenn. (December 28, 2020) – Community Health Systems, Inc. (the “Company”) (NYSE: CYH) announced today the early tender results of the previously announced cash tender offer (the “Tender Offer”) by its wholly owned subsidiary, CHS/Community Health Systems, Inc. (the “Issuer”), to purchase for cash any and all of the Issuer’s outstanding 6.250% Senior Secured Notes due 2023 (the “2023 Notes”), on the terms and subject to the conditions set forth in the Offer to Purchase Statement, dated December 11, 2020, as amended (the “Offer to Purchase”).
According to Global Bondholder Services Corporation, the depositary and information agent for the Tender Offer, as of 5:00 p.m., New York City time, on December 24, 2020 (the “Early Tender Deadline”), $2,579,073,000 aggregate principal amount, or approximately 96.43%, of the outstanding 2023 Notes were validly tendered and not validly withdrawn. All of the 2023 Notes validly tendered and not validly withdrawn by the Early Tender Deadline were accepted for purchase by the Issuer.
The table below identifies the aggregate principal amount of 2023 Notes validly tendered (and not validly withdrawn) as of the Early Tender Deadline and accepted for purchase by the Issuer and the aggregate principal amount of 2023 Notes that will remain outstanding on the Early Payment Date (as defined below).
| | | | | | | | |
CUSIP No. | | Title of Security | | Aggregate Principal
Amount Outstanding (1) | | Aggregate Principal
Amount Tendered as of
the Early Tender Deadline
and Accepted for Purchase | | Aggregate Principal
Amount Remaining
Outstanding |
12543D AY6 | | 6.250%
Senior Secured
Notes due
2023 | | $2,674,500,000 | | $2,579,073,000 | | $95,427,000 |
| (1) | Aggregate principal amount outstanding for the 2023 Notes as of December 11, 2020. |
The settlement date for 2023 Notes accepted for purchase as of the Early Tender Deadline is expected to occur on December 28, 2020 (the “Early Payment Date”). The Tender Offer is scheduled to expire at 11:59 p.m., New York City time, on January 11, 2021, unless extended or earlier terminated by the Issuer. The withdrawal deadline for the Tender Offer was 5:00 p.m., New York City time, on December 24, 2020 and has not been extended. Accordingly, previously tendered 2023 Notes may not be withdrawn, subject to applicable law.
The Tender Offer is subject to the satisfaction or waiver of certain conditions as described in the Offer to Purchase. The complete terms and conditions of the Tender Offer are set forth in the Offer to Purchase and remain unchanged.
On December 28, 2020, the Issuer delivered to the trustee for delivery to the holders of the 2023 Notes a notice of redemption to redeem on January 28, 2021 (the “Redemption Date”) all of the 2023 Notes not purchased by the Issuer in the Tender Offer, at a redemption price of 103.125% of the principal amount of the 2023 Notes plus accrued and unpaid interest to, but not including, the Redemption Date.
The Issuer has retained Citigroup Global Markets Inc. to act as dealer manager in connection with the Tender Offer. Questions about the Tender Offer may be directed to Citigroup Global Markets Inc. at (800) 558-3745 (toll free) or (212) 723-6106 (collect). Copies of the Tender Offer documents and other related documents may be obtained from Global Bondholder Services Corporation, the depositary and information agent for the Tender Offer, at (866) 470-3800 (toll free) or (212) 430-3774 (collect), or by email at contact@gbsc-usa.com.
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