Tenet Healthcare Corp SEC Filings

Tenet Healthcare Corporation entered a new senior secured asset‑based revolving credit facility of up to $1.9 billion, including a $200 million sub‑facility for letters of credit. Borrowing availability is tied to a borrowing base of eligible accounts receivable, inventory and Medicaid supplemental payments. The facility is guaranteed by certain domestic wholly owned hospital subsidiaries and secured by a first‑priority lien on accounts receivable and inventory.

Loans bear interest at a base rate plus 0.25%–0.50% or SOFR/EURIBOR plus 1.25%–1.50%, with a 0.25% commitment fee on undrawn commitments. It terminates on November 4, 2030 or earlier upon specified springing maturities tied to certain senior notes, subject to stated conditions. Tenet also amended and extended its separate $200 million letter of credit facility to November 4, 2030, with an unused fee of 0.25% and a 1.25% fee on issued but undrawn letters; unreimbursed drawings accrue at base rate plus 0.25%.

Tenet Healthcare (THC): Tammy N. Romo filed a Form 144 notice to sell up to 645 shares of Common stock, with an aggregate market value of $132,350.78. The planned sale is listed for 11/05/2025 on the NYSE via Fidelity Brokerage Services LLC.

The 645 shares were acquired on 05/08/2018 through restricted stock vesting as compensation. Recent sales by this holder during the past three months include 15,099 shares on 11/03/2025 for gross proceeds of $3,031,952.87 and 11,756 shares on 11/04/2025 for $2,399,032.11.

Shares outstanding are 87,885,000. This notice reflects a proposed sale under Rule 144; proceeds relate to the selling holder’s transactions.

Tenet Healthcare (THC): Form 144 notice of proposed sale

A holder of Tenet Healthcare common stock filed a Form 144 to sell up to 11,756 shares of common stock, with an aggregate market value of $2,399,032.11. The proposed sale is noted for 11/04/2025 on the NYSE through Fidelity Brokerage Services LLC.

Tenet Healthcare had 87,885,000 shares outstanding. The shares to be sold were acquired via restricted stock vesting in two tranches: 939 shares on 05/04/2021 and 10,817 shares on 05/03/2022. In the past three months, a sale of 15,099 shares on 11/03/2025 generated gross proceeds of $3,031,952.87.

Tenet Healthcare (THC) announced private offerings of $1.5 billion of 5.500% senior secured first lien notes due 2032 and an upsized $0.75 billion of 6.000% senior notes due 2033, with closings expected on November 18, 2025, subject to customary conditions. The first lien notes will be guaranteed by certain subsidiaries and secured on a first-lien basis; the senior notes are unsecured and rank pari passu with Tenet’s existing senior unsecured obligations.

The company plans to use net proceeds, together with cash on hand, to redeem all $1.5 billion of its 6.250% senior secured second lien notes due February 2027 and to partially redeem $0.75 billion of its 6.125% senior notes due October 2028. Tenet issued conditional redemption notices for both series, with redemptions scheduled for November 19, 2025. The transaction shifts maturities to 2032/2033 and lowers stated coupons on the refinanced debt.

Form 144 filed for a proposed sale of 15,099 common shares. The notice lists an aggregate market value of $3,031,952.87, with an approximate sale date of 11/03/2025. The broker is Fidelity Brokerage Services LLC, and the shares are listed on the NYSE.

The shares to be sold were acquired through restricted stock vesting: 11,139 shares on 05/29/2023 and 3,960 shares on 05/07/2024, recorded as compensation. The table also notes 87,885,000 shares outstanding; this is a baseline figure, not the amount being sold.

Tenet Healthcare (THC) reported an insider transaction by a director. On 10/29/2025, the director sold 2,500 shares of common stock at $208.43 per share. After this sale, the director beneficially owns 8,792 shares, held directly.

The filing lists the reporting person as Richard W. Fisher, with the form signed by attorney-in-fact Chad J. Wiener on 10/31/2025.

Tenet Healthcare (THC) director J. Robert Kerrey reported a charitable transfer of company stock. On 10/29/2025, he disposed of 971 shares of common stock under transaction code G at $0. Following the transaction, he beneficially owns 21,406 shares, held directly. The filing notes the shares were contributed to the Fidelity Charitable Gift Fund.

THC received a Form 144 notice for a proposed sale of restricted common stock. The notice covers 2,500 shares with an aggregate market value of $521,075.25, to be sold through Fidelity Brokerage Services on or about 10/29/2025 on the NYSE.

The seller acquired these shares on 05/09/2025 via restricted stock vesting from the issuer as compensation. Shares outstanding are listed as 87,885,000; this is a baseline figure, not the amount being sold.

Tenet Healthcare (THC) reported Q3 2025 results. Net operating revenues were $5,289 million versus $5,126 million a year ago. Operating income was $889 million. Net income available to common shareholders was $342 million, with diluted EPS of $3.86.

Ambulatory Care continued to expand, generating $1,275 million in net operating revenues in the quarter, up from $1,139 million. For the first nine months, operating cash flow reached $2,809 million, supporting capital spending and equity returns. The company repurchased 7,828 thousand shares year‑to‑date at an average price of $151.75, and the board increased the 2024 share repurchase program in July; $1,688 million remained authorized at September 30.

Cash and cash equivalents were $2,975 million, and long‑term debt (net of current portion) was $13,102 million. As of October 22, 2025, shares outstanding were 87,885 thousand. Tenet highlighted a new FASB practical expedient (ASU 2025‑05) it is evaluating and noted U.S. tax law changes enacted in July 2025 that reduce taxable income through bonus depreciation and interest deduction adjustments.