Item 1.01. Entry into a Material Definitive Agreement.
On
The ABL Amendment has an effective date of
The Facility provides for a
The Company's obligations under the New Credit Agreement are guaranteed by certain domestic wholly-owned hospital subsidiaries of the Company (the "Subsidiary Guarantors"). The Company's and the Subsidiary Guarantors' obligations under the New Credit Agreement are secured by a first-priority lien on the accounts receivable and inventory owned by the Company and the Subsidiary Guarantors.
The Facility will terminate on the earlier of (i) the Scheduled Maturity Date or
(ii) 45 business days prior to the maturity date of any series of the Company's
senior notes and/or senior secured notes but solely to the extent that the
principal amount of such series exceeds
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 0.25% per annum or (ii) Term SOFR, Daily Simple SOFR or EURIBOR Rate plus a margin of 1.25% per annum. Thereafter, outstanding revolving loans under the Facility accrue interest at either (a) a base rate plus an applicable margin ranging from 0.25% to 0.75% per annum or (b) Term SOFR, Daily Simple SOFR or EURIBOR Rate plus an applicable margin ranging from 1.25% to 1.75% per annum, 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 the Company 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. The Company issued a press release announcing the ABL Amendment, a copy of which is filed herewith as Exhibit 99.1 and is incorporated herein by reference.
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. 7, dated as ofMarch 16, 2022 , to that certain Amended and Restated Credit Agreement, dated as ofOctober 19, 2010 , among theTenet Healthcare Corporation , the lenders and issuers party thereto andCiticorp USA, Inc. , as administrative agent 99.1 Press Release issued onMarch 17, 2022 104 Cover page fromTenet Healthcare Corporation's Current Report on Form 8-K, formatted in Inline XBRL
* Certain schedules and exhibits have been omitted pursuant to Item 601(a)(5) of
Regulation S-K. The descriptions of the omitted schedules and exhibits are
contained within the Amendment No. 7. The Company hereby agrees to furnish a
copy of any omitted schedule or exhibit to the Securities and Exchange
Commission upon request.
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