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News & Insights

Community Health Systems, Inc.’s High‑Yield Senior Secured Debt Offering

May 12, 2017

Cravath represented the underwriters, led by Credit Suisse, Bank of America Merrill Lynch, Citigroup, Credit Agricole CIB, Deutsche Bank Securities, Goldman Sachs & Co. LLC, J.P. Morgan Securities, RBC Capital Markets, SunTrust Robinson Humphrey and Wells Fargo Securities, in connection with the US$900 million registered high‑yield senior secured debt offering of CHS/Community Health Systems, Inc. Community Health Systems, Inc., is one of the largest publicly traded operators of hospitals in the United States in terms of number of facilities and net operating revenues. The transaction closed on May 12, 2017.

The Cravath team included partner Joseph D. Zavaglia and associates Eric M. Wasserstrum, Jennifer Uren and Adam J. Gross on corporate matters; senior attorney Annmarie M. Terraciano on environmental matters; associate Damien J. Rose on tax matters; and associate Brian B. Kennedy on executive compensation and benefits matters. Anthony J. Ramirez also worked on this matter.

Related Practices & Industries

  • Corporate
  • Capital Markets
  • Environmental
  • Tax
  • Executive Compensation and Benefits
  • Healthcare and Life Sciences

People

Photo
Name
Joseph D. Zavaglia
Title
Corporate
Title
Partner
Email
jzavaglia@cravath.com
Phone
+1-212-474-1724
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    Education

    • J.D., 2004, Brooklyn Law School
      Valedictorian, summa cum laude
    • B.B.A., 2001, College of Insurance
      cum laude

    Admitted In

    • New York
    Photo
    Name
    Annmarie M. Terraciano
    Title
    Corporate
    Title
    Senior Attorney
    Email
    aterraciano@cravath.com
    Phone
    +1-212-474-1366
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      Education

      • J.D., 1998, Columbia Law School
        Harlan Fiske Stone Scholar
      • M.S., 1994, University of Wisconsin - Madison
      • B.A., 1989, Wellesley College
        cum laude

      Admitted In

      • New York

      Related News & Insights

      Deals & Cases

      August 18, 2025

      Community Health Systems, Inc.’s $1.79 Billion High‑Yield Senior Secured Notes Offering and Concurrent $1.47 Billion Cash Tender Offer

      Cravath represented the initial purchasers in connection with the $1.79 billion 144A/Reg. S high‑yield senior secured notes offering of CHS/Community Health Systems, Inc. CHS/Community Health Systems, Inc., together with its parent company, Community Health Systems, Inc., is one of the nation’s largest healthcare companies. Cravath also represented the dealer manager in connection with the concurrent $1.47 billion cash tender offer. The transactions closed on August 12, 2025.

      Deals & Cases

      June 17, 2024

      Community Health Systems, Inc.’s $1.225 Billion High‑Yield Senior Secured Notes Offering

      Cravath represented the initial purchasers in connection with the $1.225 billion 144A/Reg. S high‑yield senior secured notes offering of CHS/Community Health Systems, Inc. CHS/Community Health Systems, Inc., together with its parent company, Community Health Systems, Inc., is one of the nation’s largest healthcare companies. The transaction closed on June 5, 2024.

      Deals & Cases

      January 24, 2024

      Community Health Systems, Inc.’s $1 Billion High‑Yield Senior Secured Notes Offering and Concurrent Cash Tender Offer

      Cravath represented the initial purchasers in connection with the $1 billion 144A/Reg. S high‑yield senior secured notes offering of CHS/Community Health Systems, Inc. CHS/Community Health Systems, Inc., together with its parent company, Community Health Systems, Inc., is one of the nation’s largest healthcare companies. Cravath also represented the dealer manager in connection with the concurrent $985 million cash tender offer. The high‑yield senior secured notes offering closed on December 22, 2023, and the cash tender offer closed on January 10, 2024.

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