Acquisition financed with balance sheet cash. The transaction will be fully funded with cash from Tenet’s balance sheet separate from grant funds that have been received as a result of the Coronavirus Aid, Relief and Economic Security (CARES) Act. In addition, the transaction is expected to be leverage neutral, and Tenet remains committed to continued deleveraging over time.
Goldman Sachs & Co LLC acted as financial advisor to Tenet, and Willkie Farr & Gallagher LLP served as legal counsel.
Management’s Webcast Discussion of the Transaction
Tenet management will discuss this transaction on a webcast scheduled for 8:30 a.m. Eastern Time (7:30 a.m. Central Time) today, Dec. 10, 2020. Investors can access the webcast through the Company’s website at www.tenethealth.com/investors. The slide presentation associated with the webcast referenced above and a copy of this press release are available on the Company’s Investor Relations website. A replay of the webcast will be available on Tenet’s website for approximately 30 days.
Cautionary Statement
This release contains “forward-looking statements”—that is, statements that relate to future, not past, events. In this context, forward-looking statements address our expectations of the benefits and synergies of the acquisition and the performance of the centers in the Portfolio, as well as the Company’s expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “assume,” “believe,” “budget,” “estimate,” “forecast,” “intend,” “plan,” “predict,” “project,” “seek,” “see,” “target,” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain, especially with regards to developments related to COVID-19, and are subject to numerous risks and uncertainties, many of which are outside of our control. Particular uncertainties that could cause the Company’s actual results to be materially different than those expressed in the Company’s forward-looking statements include, but are not limited to, the ability to close and successfully integrate the operations of the acquired centers into our enterprise; the ability to recognize the anticipated benefits of the acquisition, which may be affected by, among other things, competition, regulation, our ability to grow profitably and maintain relationships with physicians and key healthcare system partners; the risk that the acquisition disrupts current plans and operations of our enterprise and/or the acquired centers; the impact of the COVID-19 pandemic and the other factors disclosed under “Forward-Looking Statements” and “Risk Factors” in our Form 10-K for the year ended December 31, 2019, subsequent Form 10-Q filings and other filings with the Securities and Exchange Commission.
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