Community Health Systems Inc. (NYSE: CYH) announced that its subsidiary CHS/Community Health Systems Inc. has commenced a tender offer to purchase up to $600 million of outstanding senior secured notes for cash.

The offer targets two series of notes: up to $350 million of 4.750% senior secured notes due 2031 and up to $250 million of 10.875% senior secured notes due 2032. The company will finance the purchase using cash on hand.

Under the tender offer terms, holders of the 2031 notes will receive $950 per $1,000 principal amount if tendered by the early deadline, including a $50 early tender payment. The 2032 notes will receive $1,082.50 per $1,000 principal amount with early tender. Notes tendered after the early deadline will receive lower amounts without the early payment.

The tender offer expires at 5:00 p.m. New York time on May 20, 2026. To receive the early tender payment, holders must submit their notes by 5:00 p.m. on May 5, 2026. Notes may be withdrawn until the May 5 deadline.

The 2031 notes have priority in acceptance, with $1.06 billion currently outstanding. The 2032 notes have $1.78 billion outstanding. If demand exceeds the purchase limits, notes will be accepted on a prorated basis.

Settlement for early tenders is expected May 7, 2026, while final settlement is anticipated May 22, 2026. UBS Investment Bank serves as dealer manager, with Global Bondholder Services Corporation acting as information and tender agent.

The purchase is subject to certain conditions as outlined in the offer documents, according to the company's press release statement.