Community Health Systems Proposes Exchange of $1.24 Billion Notes for 10.25% Notes Due 2035
Community Health Systems' subsidiary CHS/Community Health Systems plans a private offer to exchange any and all of its roughly $1.24 billion of 6.875% notes due 2029 for new 10.25% senior secured notes due 2035, and to seek consents to remove substantially all restrictive covenants and certain events of default from the old notes' indenture. Supporting holders of about 52% of the old notes have agreed to tender, and the filing says the company expects to obtain the necessary consents. The offer is not yet launched and may not be completed on the stated terms.
Key points
- Exchange consideration is $970 principal of new notes per $1,000 of old notes after the early tender deadline, or $1,000 with a $30 early tender premium if tendered by 5:00 p.m. New York time on November 23, 2026
- Expiration date is December 10, 2026, unless extended or terminated
- Supporting holders agreed to tender about $643.7 million of old notes, about 52% of the outstanding $1,244,476,000 principal
- New notes mature January 15, 2035 and carry a 10.25% interest rate payable semi-annually
The filing
Written by AI on Nov 10, 2026, 6:16 AM ET, from this filing only.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.