Community Health Systems Enters New Credit Facility Agreement
Ticker: CYH · Form: 8-K · Filed: Jun 5, 2024 · CIK: 1108109
Sentiment: neutral
Topics: credit-facility, debt, agreement
Related Tickers: CYH
TL;DR
CHS inked a new credit deal, watch for impacts on cash flow.
AI Summary
On June 5, 2024, Community Health Systems, Inc. entered into a material definitive agreement related to its senior secured revolving credit facility. The company also reported an obligation under an off-balance sheet arrangement and other events, with financial statements and exhibits included.
Why It Matters
This filing indicates a significant financial maneuver for Community Health Systems, potentially impacting its liquidity and operational flexibility.
Risk Assessment
Risk Level: medium — Changes to credit facilities can signal financial strain or strategic shifts that carry inherent risks.
Key Players & Entities
- Community Health Systems, Inc. (company) — Registrant
- June 5, 2024 (date) — Date of earliest event reported
FAQ
What specific terms were agreed upon in the material definitive agreement for the senior secured revolving credit facility?
The filing does not provide specific details of the terms of the senior secured revolving credit facility agreement, only that an agreement was entered into.
What is the nature of the obligation under the off-balance sheet arrangement mentioned?
The filing states that an obligation under an off-balance sheet arrangement was created, but does not specify the nature or details of this arrangement.
Are there any immediate financial implications or changes to Community Health Systems' debt structure as a result of this filing?
The filing indicates the entry into a material definitive agreement and creation of a direct financial obligation, suggesting potential changes, but specific financial implications are not detailed.
What other events are being reported by Community Health Systems on June 5, 2024?
The filing lists 'Other Events' as an item of information, but does not specify what these events are.
Where can I find the detailed financial statements and exhibits mentioned in the filing?
The filing indicates that Financial Statements and Exhibits are included, and they would be found within the full document package submitted to the SEC.
Filing Stats: 2,332 words · 9 min read · ~8 pages · Grade level 13.1 · Accepted 2024-06-05 16:58:02
Key Financial Figures
- $0.01 — nge on which registered Common Stock, $0.01 par value CYH New York Stock Exchan
- $1,225,000,000 — (the "Notes Offering") of an additional $1,225,000,000 aggregate principal amount of its 10.87
- $1,000,000,000 — "Tack-On Notes" and, together with the $1,000,000,000 aggregate principal amount of 10.875% S
- $200,000,000 — city available for letters of credit of $200,000,000. Borrowings under the ABL Facility be
- $350 million — inging maturity applicable if more than $350 million in the aggregate principal amount of th
- $1,116 million — gether with cash on hand, to redeem all $1,116 million aggregate principal amount of the Issue
- $100 million — d Notes due 2026, to fund approximately $100 million of repurchases of its other existing no
Filing Documents
- d848346d8k.htm (8-K) — 41KB
- d848346dex42.htm (EX-4.2) — 51KB
- d848346dex101.htm (EX-10.1) — 927KB
- 0001193125-24-155183.txt ( ) — 1373KB
- cyh-20240605.xsd (EX-101.SCH) — 3KB
- cyh-20240605_lab.xml (EX-101.LAB) — 17KB
- cyh-20240605_pre.xml (EX-101.PRE) — 11KB
- d848346d8k_htm.xml (XML) — 3KB
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits The following exhibits are filed herewith: 4.1 Indenture, dated as of December 22, 2023, among CHS/Community Health Systems, Inc., Community Health Systems, Inc., the guarantors party thereto, Regions Bank, as trustee, and U.S. Bank Trust Company, National Association (as successor-in-interest to Credit Suisse AG), as collateral agent, relating to the 10.875% Senior Secured Notes due 2032 (incorporated by reference to Exhibit 4.1 to Community Health Systems, Inc.'s Current Report on Form 8-K filed on December 26, 2023 (No. 001-15925)). 4.2 First Supplemental Indenture relating to CHS/Community Health Systems, Inc.'s 10.875% Senior Secured Notes due 2032, dated as of June 5, 2024, among CHS/Community Health Systems, Inc., Community Health Systems, Inc., the guarantors party thereto, Regions Bank, as trustee, and U.S. Bank Trust Company, National Association, as collateral agent. 10.1 Second Amendment and Restatement Agreement to the Amended and Restated ABL Credit Agreement, dated as of June 5, 2024, among CHS/Community Health Systems, Inc., as Borrower, Community Health Systems, Inc., as the Parent, the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: June 5, 2024 COMMUNITY HEALTH SYSTEMS, INC. (Registrant) By: /s/ Kevin J. Hammons Kevin J. Hammons President and Chief Financial Officer (principal financial officer)