CYH · Community Health Systems, Inc.

Community Health Systems, Inc., through its wholly-owned subsidiary CHS/Community Health Systems, Inc., has launched a cash tender offer targeting up to $600 million in aggregate purchase price of two series of senior secured notes, reflecting a strategic move to optimize its debt profile. The offer prioritizes the 4.750% Senior Secured Notes due 2031 (Acceptance Priority Level 1, $1.06 billion outstanding) with a $350 million cap, followed by the 10.875% Senior Secured Notes due 2032 (Level 2, $1.78 billion outstanding) at a $250 million cap. Pricing incentivizes early tenders with a $50 early tender payment per $1,000 principal, yielding total considerations of $950 for 2031 Notes and $1,082.50 for 2032 Notes. Tenders before the May 5, 2026 Early Tender Date qualify for early settlement around May 7, while later tenders settle post-Expiration Date on May 20. Acceptance follows priority levels with proration if caps are exceeded, and early tenders take precedence. Financed entirely by cash on hand, this reduces high-coupon debt exposure without new borrowing, potentially lowering interest costs given the premium pricing above par. Holders should note withdrawal rights until the Early Tender Date and consult intermediaries for participation, as the Issuer retains discretion on conditions and amendments.