EFTA01385385.pdf

January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite iFigure 4: Tenet Healthcare (THC) Tenet Healthcare (THC) www.tenethealdtcom FY FY Q3 03 % LIM CR FY FY $ mm 2015 2016 09/30/16 09/30/17 Change 09/30/17 12/31/17 2017 2018 Revenue 20,111 19,621 4,849 4,586 -5.4% 19,061 4,759 18,960 19,690 EBITDA 2276 2411 570 547 -4.0% 2,217 753 2,397 2.441 Interest 912 979 243 Z7 5.8% 1.024 246 1,021 984 Taxes 68 67 10 (KS -MO% (99) OEM - Capex 842 875 201 144 -28.4% 753 20:43 700 700 FCF Before Worland Capital and Other 454 492 116 206 539 299 781 757 FCF as % Net Debt 3.2% 3.4% NA 5.7% 3.7% 8.4% 5.5% 5.3% WILDA % 11.3% 12.3% 118% 11.9% 11.6% 158% 12.6% 128% EMMA/Interest 2.54 234 NA 2.14 2.2x 3.14 2.34 254 Net 1st Lien Debt/E8FTDA 294 2.64 NA 2.84 2.84 2.0c 2.54 244 Net 2nd Lien Debt/EBITDA 2.94 3.74 2.74 3.44 334 Total Debt/EBITDA 6.4x 634 NA 6.& 6.74 494 6.2x 114 Net Debt/EBITDA 62x 60. NA 164 6.5x 474 6.04 5,94 Mate: Cash Minority Interest 210 55 237 102 2$) 331 EBITDA Less Cash Mincoty Interest 2,203 492 1.980 651 2,117 2,110 Net Debt / EBITDA Less Cash liAnalty Interest 6.6x 7.34 7.34 5.54 6.74 AM Cash 356 716 NA 429 429 594 594 580 Availability NA 890 NA 998 998 998 998 998 Udiadity NA 1.606 NA 1,427 2427 1.592 1.592 2578 1st Lien Debt 6,993 6.960 NA 6,532 6,532 6,532 6,532 6.532 2nd Lien Debt 6993 2710 8,692 II 692 8,692 8,692 8,692 Total Debt 14.510 15.255 NA 14,881 14,881 14281 148131 14,881 Debt Structure $1003 mm Revolver L•125-175 due 12/04/20 - $1041mm 6.2.5%First Lien Bond due 11/01/18 NA 1.041 NA • • • - $500 mm 4.75% First Inn Bond due 06/01/20 NA SCO NA 500 500 500 500 500 $1860 mm 6% First Lien Bond due 10/01/20 NA 1.800 NA 1,830 1.803 1.800 1.800 1.830 $900 mm FRN (1•350) due 06/15/20 NA 900 NA - $850 mm 4.5% First Oen Bond due 04/01/21. NA 850 NA 850 850 850 850 850 $1050 mm 4.375% First Lien Bond due toanin NA 1.050 NA 1,050 1.050 1.050 1.050 1.050 $1810mm 4.625% First %len Bond due 7/15/24 NA - NA 1,870 1.870 1,870 1470 1,870 Capital lease and mortgage notes NA 819 NA 462 462 462 462 462 Total 1st lien Debt 6993 6,960 NA 6,532 6532 6.532 6532 6,532 $750 mm 7.5%2nd Lien Bond due 01/1/22 750 750 750 750 750 750 $1410mm 5.129%ind Lien Bond due 5/1/25 1,410 1.410 1,410 1,410 1,410 Total 2nd Lien Debt 750 2,160 2,183 2.160 2,160 2.160 $1100 mm 5% Bond due 03/01/19 NA 1,100 NA . . . • - $500 mm 5.5% Bond due 03/01/19 NA SCO NA 500 500 500 SCO 500 5300mm 6.75% Bond due 02/01/20 NA 30) NA 300 303 300 303 300 $750 mm 8% Bond due 08/01/20 NA 750 NA - - - - - $2860 mm 8125% Band due 04/01/22 NA 2,800 NA 2,8® 2,800 2.800 2803 2,830 $1900 mm 6.75%Bond due 06/15/23 NA 1,900 NA 1,900 1,900 1,900 1,900 1,930 $500 mm 7% Bond due B/1/25 500 500 500 560 500 $430 mm 6.875%Bond due 11/15/31 NA 430 NA 430 433 430 430 430 Unarnortued issue 00,13, note discounts and premium NA (2351 NA (241) (241) (241) (241) (241) Total Debt 14.510 15.255 NA 14.881 14,881 14.881 14,810 14.881 Basic Shares Out 99 101 101 101 101 101 101 Share Price $ 30.30 $ 15.03 $ 1511 $ 15.11 $ 15.11 $ 15.11 $ 15.11 Market Cap 3.0)5 1.515 1,523 1,523 1,523 1,523 1.523 QV 17.159 16,054 15,975 15975 15.811 15811 15,824 TEV/EBITDA 7.54 6.7x 7.3x I 7.241 5.7a 6.44 654 Sea* Dwarfw Brat et1avow,metro Page 110 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086669 CONFIDENTIAL SDNY_GM_00232853 EFTA01385385