FRANKLIN, Tenn.--(BUSINESS WIRE)-- Community Health Systems, Inc. (NYSE:CYH) (the “Company”) announced today that the Company and its wholly-owned subsidiary CHS/Community Health Systems, Inc. have received the requisite lender consents for the proposed amendment and restatement (“the Amendment”) of their existing credit agreement, dated as of July 25, 2007, as amended and restated as of November 5, 2010 (the “Credit Agreement”).
The Amendment extends approximately $1.6 billion of the existing non-extended term loans under the Credit Agreement to January 25, 2017; an extension of two and a half years. This Amendment will increase the pricing on the newly extended term loans by 125 basis points and amend certain other terms and conditions of the Credit Agreement. The pricing on the remaining non-extended $2.9 billion in term loans will remain unchanged. The Amendment is expected to become effective February 2, 2012.
Located in the Nashville, Tennessee, suburb of Franklin, Community Health Systems is one of the largest publicly-traded hospital companies in the United States and a leading operator of general acute care hospitals in non-urban and mid-size markets throughout the country. Through its subsidiaries, the Company currently owns, leases or operates 133 hospitals in 29 states with an aggregate of approximately 20,000 licensed beds. Its hospitals offer a broad range of inpatient and surgical services, outpatient treatment and skilled nursing care. In addition, through its subsidiary, Quorum Health Resources, LLC, the Company provides management and consulting services to approximately 150 independent non-affiliated general acute care hospitals located throughout the United States. Shares in Community Health Systems, Inc. are traded on the New York Stock Exchange under the symbol “CYH.”
Statements contained in this news release regarding credit agreement amendments, their impact on the Company, and other events may include forward-looking statements that involve risks and uncertainties. Actual future events or results may differ materially from these statements. Readers are referred to the documents filed by Community Health Systems, Inc. with the Securities and Exchange Commission, specifically the most recent filings which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements, including execution of our growth, acquisition, and business strategies. These and other applicable risks are summarized under the caption “risk factors” in the Company’s Securities and Exchange Commission filings. The Company undertakes no obligation to revise any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
Community Health Systems, Inc.
W. Larry Cash, 615-465-7000
Executive Vice President
and Chief Financial Officer
KEYWORDS: United States North America Tennessee
INDUSTRY KEYWORDS: Health Hospitals