Simpson Thacher represented CHS/Community Health Systems, Inc. (the “Company”), a wholly owned subsidiary of Community Health Systems, Inc. (NYSE: CYH), in refinancing transactions that included (1) a Rule 144A/Regulation S offering of $1.775 billion aggregate principal amount of 6.875% Junior-Priority Secured Notes due 2029 (the “Notes”) and (2) a concurrent tender offer for its Junior-Priority Secured Notes due 2023 (the “2023 Junior-Priority Secured Notes”) (the “Concurrent Tender Offer”). The Company intends to use the net proceeds of the offering of Notes, together with cash on hand, to repurchase and/or redeem all of its outstanding 2023 Junior-Priority Secured Notes and to pay related fees and expenses. In particular, the Company intends to use the net proceeds from the offering of Notes, together with cash on hand, (i) to purchase all of its 2023 Junior-Priority Secured Notes that are validly tendered and accepted for purchase in the Concurrent Tender Offer and (ii) if less than all of the outstanding 2023 Junior-Priority Secured Notes are validly tendered and accepted for purchase in the Concurrent Tender Offer, to redeem all of the 2023 Junior-Priority Secured Notes that remain outstanding.
Community Health Systems, Inc. is one of the largest publicly traded hospital companies in the United States and a leading operator of general acute care hospitals and outpatient facilities in communities across the country.
The Simpson Thacher team included Richard Fenyes, Lia Toback, Evan Zuckerman, Arielle Trapp and Frances Fuqua (Capital Markets); Jonathan Pall (Collateral); Tim Gallagher (Real Estate); Andrew Purcell, Jon Cantor and Eli Shalam (Tax); Larry Moss, Jeanne Annarumma and Jason Fixelle (Executive Compensation and Employee Benefits); Alysha Sekhon (Intellectual Property); and Vanessa Burrows (Healthcare).