[LOGO] NEWS RELEASE
TENET HEALTHCARE CORPORATION
HEADQUARTERS OFFICE
3820 STATE STREET
SANTA BARBARA, CA 93105
TEL (805) 563-6855 MEDIA CONTACT: LANCE IGNON (805) 563-6975
FAX (805) 563-6821 INVESTOR CONTACT: PAUL RUSSELL (805) 563-7188
HTTP://WWW.TENETHEALTH.COM
TENET ANNOUNCES PRICING OF DEBT ISSUE
SANTA BARBARA, CALIF. - MAY 8, 1998 - Tenet Healthcare Corporation
(NYSE: THC) today announced the pricing of $350 million of its Senior Notes
due June 1, 2008 and $1 billion of its Senior Subordinated Notes due December 1,
2008. The Senior Notes were priced at 99.962 with a 7 5/8% coupon to yield
7.63% to maturity and the Senior Subordinated Notes were priced at 99.612
with an 8 1/8% coupon to yield 8.18% to maturity.
The debt issue is being offered to qualified institutional investors
through a private placement, and to overseas investors pursuant to
Regulation S. Proceeds will be used to refinance Tenet's 9 5/8% Senior Notes
due Sept. 1, 2002 and its 10 1/8% Senior Subordinated Notes due March 1,
2005. Because the Notes are being offered through a private placement, they
will not be and have not been registered under the Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent
registration or an applicable exemption from registration requirements.
Tenet increased the size of the offering from $1.2 billion to $1.35
billion to reflect the success of its previously announced tender offers
related to the refinancing. Approximately 99% of the $1.2 billion of notes to
be refinanced have been tendered.
Based in Santa Barbara, Calif., Tenet Healthcare through its
subsidiaries owns and operates 123 acute care hospitals and numerous related
healthcare services from coast to coast. The company employs 106,000 people
serving communities in 18 states. Tenet can be found on the World Wide Web at
www.tenethealth.com.
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