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Community Health Systems, Inc. Announces Offering of $1.095 Billion of Senior Secured Notes Due 2031
January 26, 2021 GMT
FRANKLIN, Tenn. (BUSINESS WIRE) Jan 26, 2021
Community Health Systems, Inc. (the “Company”) (NYSE: CYH) today announced that its wholly owned subsidiary, CHS/Community Health Systems, Inc. (the “Issuer”), intends to offer $1.095 billion aggregate principal amount of Senior Secured Notes due 2031 (the “Notes”), subject to market and other conditions (the “Notes Offering”).
The Issuer intends to use the net proceeds of the Notes Offering, together with cash on hand, to redeem all of its outstanding 8.625% Senior Secured Notes due 2024 (the “2024 Notes”) and to pay related fees and expenses. This press release shall not constitute a notice of redemption for the 2024 Notes.
By Sebastian Pellejero Investors rush into the lowest-rate junk debt has driven yields to record lows, reflecting Wall Street s thirst for fixed-income returns and increasing confidence that.
Investors Seek Out Riskiest Junk-Rated Bonds
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By Sebastian Pellejero Investors rush into the lowest-rate junk debt has driven yields to record lows, reflecting Wall Street s thirst for fixed-income returns and increasing confidence that even struggling businesses can survive the pandemic. The yield on an index of triple-C rated corporate bonds settled Thursday at an all-time low of 6.42%, according to Bloomberg Barclays data. That was down from 7.4% entering the year. Yields fall when bond prices rise. Record-low yields for the worst-rated bonds mark a reversal after pandemic shutdowns fueled a selloff in riskier debt less than a year ago. Back then, investors expected many struggling companies to go bankrupt or default. Credit markets froze, driving yields to recent postcrisis peaks, particularly for low-rated firms.
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