Universal Health Services completes $1.1 billion of senior secured notes due 2031 and 2036
On August 20, 2026, Universal Health Services completed a public offering of $600 million of 5.500% senior secured notes due 2031 and $500 million of 6.000% senior secured notes due 2036. The notes are guaranteed by subsidiaries and secured by first-priority liens on certain assets, ranking equally with the company's senior secured credit facility and five series of existing secured notes. The filing adds $1.1 billion of secured debt, and notes that some underwriter affiliates will receive proceeds as repayment of revolving credit facility borrowings.
Key points
- $600 million 5.500% senior secured notes mature September 1, 2031; callable before August 1, 2031 at par plus accrued interest and a make-whole premium.
- $500 million 6.000% senior secured notes mature September 1, 2036; callable before June 1, 2036 at par plus accrued interest and a make-whole premium.
- Interest is payable semi-annually on March 1 and September 1, starting March 1, 2027.
- Moody's and S&P rated the notes investment grade at issuance, but the filing says collateral release conditions were not met as of that date.
The filing
Written by AI on Nov 8, 2026, 12:56 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on August 21, 2026.
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.