Item 1.01. Entry into a Material Definitive Agreement

Amendment to Amended and Restated Credit Agreement

On April 24, 2020 (the "Closing Date"), Tenet Healthcare Corporation, a Nevada corporation ("Tenet") entered into an Amendment No. 5 (the "ABL Amendment") to its existing $1.5 billion Amended and Restated Credit Agreement dated as of October 19, 2010 (as amended, restated, supplemented or otherwise modified from time to time prior to the Closing Date, the "Existing Credit Agreement"; the Existing Credit Agreement, as amended by the ABL Amendment, the "New Credit Agreement"), by and among Tenet, as the borrower, the lenders and issuers party thereto and Citicorp USA, Inc., as administrative agent (in such capacity, the "ABL Agent").

The ABL Amendment has an effective date of April 24, 2020 and amends certain provisions under the Existing Credit Agreement to, among other things, (i) increase the aggregate revolving credit commitments to $1.9 billion, subject to borrowing availability (the "Facility"), and (ii) increase the advance rate and raise limits on certain eligible accounts receivable in the calculation of the borrowing base, in each case, for 364 days following the Closing Date (the "Amendment No. 5 Incremental Period").

The Facility continues to provide for a $200 million sub-facility for letters of credit. Tenet's borrowing availability under the Facility is calculated by reference to a borrowing base which is determined by specified percentages of eligible accounts receivable, eligible inventory and Medicaid supplemental payments.

Tenet's obligations under the New Credit Agreement continue to be guaranteed by certain domestic wholly-owned hospital subsidiaries of Tenet (the "Subsidiary Guarantors"). Tenet's and the Subsidiary Guarantors' obligations under the New Credit Agreement continue to be secured by a first-priority lien on the accounts receivable and inventory owned by Tenet and the Subsidiary Guarantors.

The Facility will continue to terminate on the earlier of (i) September 12, 2024 (the "Scheduled Maturity Date") or (ii) 45 business days prior to the maturity date of (x) any series of Tenet's senior notes due in 2022 or 2023 or (y) any series of Tenet's senior secured notes due in 2024 (each, a "Springing Maturity Date"), unless (a) prior to each Springing Maturity Date, with respect to at least 80% of the aggregate principal amount of the applicable series of notes, the maturity date is extended to a date no earlier than one year after the Scheduled Maturity Date or such amount is repaid, defeased, discharged or refinanced or (b) on each such Springing Maturity Date, the Excess Availability Condition (as defined in the New Credit Agreement), determined on a pro forma basis, after giving effect to the full repayment of the applicable series of the notes, is satisfied.

Outstanding revolving loans under the Facility accrue interest during the period prior to the first delivery of a borrowing base certificate following the Closing Date at a rate equal to either (i) a base rate plus a margin of 0.75% per annum or (ii) LIBOR plus a margin of 1.75% per annum. Thereafter, outstanding revolving loans under the Facility accrue interest at either (a) a base rate plus an applicable margin ranging from (i) 0.50% to 1.00% per annum during the Amendment No. 5 Incremental Period and (ii) 0.25% to 0.75% per annum thereafter or (b) LIBOR plus an applicable margin ranging from (i) 1.50% to 2.00% per annum during the Amendment No. 5 Incremental Period and (ii) 1.25% to 1.75% per annum thereafter, in each case based upon available credit under the Facility. The undrawn portions of the commitments under the Facility are subject to a commitment fee at a rate ranging from 0.25% to 0.375% per annum, based upon available credit under the Facility.

The ABL Agent and certain lenders that are party to the New Credit Agreement, as well as certain of their affiliates, have performed, and may in the future perform, for Tenet and its subsidiaries, various commercial banking, investment banking, underwriting and other financial advisory services, for which they have received and may in the future receive customary fees and expenses.

The foregoing description of the ABL Amendment and the New Credit Agreement is a summary and is qualified in its entirety by reference to the ABL Amendment and the New Credit Agreement, which are filed herewith as Exhibit 10.1 and are incorporated herein by reference.

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Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an


           Off-Balance Sheet Arrangement of a Registrant

The information set forth above in Item 1.01 is incorporated by reference into this Item 2.03.

Item 9.01. Financial Statements and Exhibits

(d) The following exhibits are filed as a part of this Report.




 Exhibit
   No.                                       Description

   10.1            Amendment No. 5, dated as of April 24, 2020, to that certain
                 Amended and Restated Credit Agreement, dated as of October 19, 2010,
                 among the Tenet Healthcare Corporation, the lenders and issuers
                 party thereto and Citicorp USA, Inc., as administrative agent

   104           Cover page from Tenet Healthcare Corporation's Current Report on
                 Form 8-K, formatted in Inline XBRL.

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