Community Health Systems plans to issue notes to pay off debt


Community Health Systems plans to issue notes to pay off debt

By MATT BLOIS

The Franklin based hospital management company Community Health Systems plans to issue secured notes to pay off some of its debt.

The company announced in a press release this week that it plans to issue about $1.6 billion in senior secured notes to pay off about $1.6 billion in debt.

A secured note is essentially a loan. Those loans would be due in 2026, according to the press release.

The company reported better-than-expected financial results for the fourth quarter of 2018 earlier this month.

Community Health Systems sold 11 hospitals last year, and closed three others. They are planning to sell more this year.

The company’s board recently increased pay for a few executives, but kept CEO Wayne Smith’s salary the same.

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