Simpson Thacher represented CHS/Community Health Systems, Inc. (the “Company”), a wholly owned subsidiary of Community Health Systems, Inc. (“Community Health Systems”) (NYSE: CYH), in refinancing transactions including a Rule 144A/Regulation S offering of $1,790 million aggregate principal amount of 9.750% Senior Secured Notes due 2034 (the “2034 Notes”) and a concurrent tender offer for any and all of its outstanding 5.625% Senior Secured Notes due 2027 (the “2027 Notes”) (the “Tender Offer”). The Company used the net proceeds from the 2034 Notes offering, together with cash on hand, to purchase the 2027 Notes validly tendered and not validly withdrawn in the Tender Offer and to pay related fees and expenses.
Community Health Systems is one of the nation’s largest healthcare companies. Its affiliates are leading providers of healthcare services, developing and operating healthcare delivery systems in 36 distinct markets across 14 states, and its subsidiaries own or lease 70 affiliated hospitals with more than 10,000 beds and operate more than 1,000 sites of care.
The Simpson Thacher team included Richard Fenyes, Lia Toback, Christopher Flynn, Manuel Alvarez and Ye Joo Lee (Capital Markets); Jonathan Pall (Collateral); Tim Gallagher (Real Estate); Jon Cantor and Jiha Min (Tax); Jeanne Annarumma and Pasco Struhs (Executive Compensation and Employee Benefits); and Alysha Sekhon, Courtney Welshimer, Matthew Richardson and Margerite Blase (Intellectual Property).