United States: Milbank Represents Initial Purchaser In $291 Million Add-On Note Offering By Tenet Healthcare Corporation
Last Updated: June 11 2012

NEW YORK, MAY 2, 2012 – International law firm Milbank, Tweed, Hadley & McCloy LLP, led by Global Securities partners Rod Miller and Paul Denaro, acted as counsel to Merrill Lynch, Pierce, Fenner & Smith Incorporated, as sole book-running manager, in a $291 million reopening offering of two tranches of notes by Tenet Healthcare Corporation. Tenet sold an additional $141,233,000 aggregate principal amount of 6.25% Senior Secured Notes due 2018, originally issued in 2011, and an additional $150,000,000 aggregate principal amount of 8% Senior Notes due 2020, originally issued in 2010.

Tenet used the proceeds of the offering to purchase an equivalent amount of its outstanding 7.000% Mandatory Convertible Preferred Stock, which were due to convert to common shares in October 2012.

The repurchase of preferred stock, coupled with Tenet's share repurchase program completed earlier this year, have effectively reduced Tenet's outstanding common share count by approximately 25% on a fully dilutive basis.

Tenet is a leading health care services company that, through its subsidiaries, operates 50 hospitals, over 100 free-standing outpatient centers and Conifer Health Solutions, a leader in business process solutions for health care providers that serves more than 300 hospital and health care entities nationwide.

Other Milbank attorneys involved in this transaction included Tax partner Andrew Walker, ERISA partner Joel Krasnow, Global Securities associates Sam Badawi and Meredith Hines and Tax associate Randy Clark.

About Milbank

Milbank, Tweed, Hadley & McCloy LLP is a leading international law firm providing innovative legal solutions to clients throughout the world for more than 140 years. Milbank is headquartered in New York and has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, São Paulo, Singapore, Tokyo and Washington, DC.

The firm's lawyers provide a full range of legal services to the world's leading commercial, financial and industrial enterprises, as well as to institutions, individuals and governments. Milbank's lawyers meet the needs of our clients by offering a highly integrated and collaborative range of services across key practice groups throughout our global network. Milbank's integrated practice is underpinned by our attorneys' acknowledged technical excellence, sector expertise and a strong tradition of innovation and client service.

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