Community Health Systems, Inc.’s $1 Billion High‑Yield Senior Secured Notes Offering and Concurrent Cash Tender Offer

Cravath represented the initial purchasers in connection with the $1 billion 144A/Reg. S high‑yield senior secured notes offering of CHS/Community Health Systems, Inc. CHS/Community Health Systems, Inc., together with its parent company, Community Health Systems, Inc., is one of the nation’s largest healthcare companies. Cravath also represented the dealer manager in connection with the concurrent $985 million cash tender offer. The high‑yield senior secured notes offering closed on December 22, 2023, and the cash tender offer closed on January 10, 2024.

The Cravath team included partners Joseph D. Zavaglia and Douglas Dolan and associates Matthew C. Weinstein, Elise Zhou and Joseph N. Kadoch on capital markets matters; partner Arvind Ravichandran on tax matters; partner Matthew Morreale on environmental matters; and practice area attorney Janet L. Lewis on real estate matters. Megan Samayoa also worked on tax matters.