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Long-Term Debt | 3 Months Ended
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Mar. 31, 2025
Long-Term Debt and Lease Obligation [Abstract] |
LONG-TERM DEBT | 6. LONG-TERM DEBT Long-term debt, net of unamortized debt issuance costs and discounts or premiums, as applicable, consists of the following (in millions):
|  | March 31, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
8% Senior Secured Notes due 2027 |  | $ | 700 |  |  | $ | 700 |
5 ⅝% Senior Secured Notes due 2027 |  |  | 1,757 |  |  |  | 1,757 |
6 ⅞% Senior Notes due 2028 |  |  | 626 |  |  |  | 626 |
6% Senior Secured Notes due 2029 |  |  | 644 |  |  |  | 644 |
5 ¼% Senior Secured Notes due 2030 |  |  | 1,535 |  |  |  | 1,535 |
4 ¾% Senior Secured Notes due 2031 |  |  | 1,058 |  |  |  | 1,058 |
10 ⅞% Senior Secured Notes due 2032 |  |  | 2,225 |  |  |  | 2,225 |
6 ⅞% Junior-Priority Secured Notes due 2029 |  |  | 1,244 |  |  |  | 1,244 |
6 ⅛% Junior-Priority Secured Notes due 2030 |  |  | 1,227 |  |  |  | 1,227 |
ABL Facility |  |  | 200 |  |  |  | 341 |
Finance lease and financing obligations |  |  | 341 |  |  |  | 343 |
Other |  |  | 32 |  |  |  | 24 |
Less: Unamortized deferred debt issuance costs |  |  | (257 | ) |  |  | (272 | )
Total debt |  |  | 11,332 |  |  |  | 11,452 |
Less: Current maturities |  |  | (29 | ) |  |  | (20 | )
Total long-term debt |  | $ | 11,303 |  |  | $ | 11,432 |
On June 5, 2024, the Company and CHS/Community Health Systems, Inc. (“CHS”) entered into the Second Amendment and Restatement Agreement (the “Amendment”) to refinance and replace the amended and restated asset-based loan (“ABL”) credit agreement (the “ABL Credit Agreement” and, as amended by the Amendment, the “Amended and Restated ABL Credit Agreement”), dated as of November 22, 2021, with JPMorgan Chase Bank, N.A., as administrative agent, and the lenders and other agents party thereto. Pursuant to the Amended and Restated ABL Credit Agreement, the lenders have extended to CHS a revolving asset-based loan facility (the “ABL Facility”) in the maximum aggregate principal amount of $1.0 billion, subject to borrowing base capacity. The ABL Facility includes borrowing capacity available for letters of credit of $200 million. CHS and all domestic subsidiaries of CHS that guarantee CHS’ other outstanding senior and senior secured indebtedness guarantee the obligations of CHS under the ABL Facility. Subject to certain exceptions, all obligations under the ABL Facility and the related guarantees are secured by a perfected first-priority security interest in substantially all of the receivables, deposit, collection and other accounts and contract rights, books, records and other instruments related to the foregoing of the Company, CHS and the guarantors, as well as a perfected junior-priority third lien security interest in substantially all of the other assets of the Company, CHS and the guarantors, subject to customary exceptions and intercreditor arrangements. Principal amounts outstanding under the ABL Facility will be due and payable in full on June 5, 2029. At March 31, 2025, the Company had outstanding borrowings of $200 million and approximately $651 million of additional borrowing capacity (after taking into consideration the $67 million of outstanding letters of credit) under the ABL Facility. The issued letters of credit were primarily in support of potential insurance-related claims and certain bonds. The ABL Facility contains customary representations and warranties, subject to limitations and exceptions, and customary covenants restricting the Company’s ability, subject to certain exceptions, to, among other things (1) declare dividends, make distributions or redeem or repurchase capital stock, (2) prepay, redeem or repurchase other debt, (3) incur liens or grant negative pledges, (4) make loans and investments and enter into acquisitions and joint ventures, (5) incur additional indebtedness or provide certain guarantees, (6) engage in mergers, acquisitions and asset sales, (7) conduct transactions with affiliates, (8) alter the nature of the Company’s, CHS’ or the guarantors’ businesses, (9) grant certain guarantees with respect to physician practices, (10) engage in sale and leaseback transactions or (11) change the Company’s fiscal year. The Company is also required to comply with a consolidated fixed coverage ratio, upon certain triggering events described below, and various affirmative covenants. The consolidated fixed charge coverage ratio is calculated as the ratio of (x) consolidated EBITDA (as defined in the ABL Facility) less capital expenditures to (y) the sum of consolidated interest expense (as defined in the ABL Facility), scheduled principal payments, income taxes and restricted payments made in cash or in permitted investments. For purposes of calculating the consolidated fixed charge coverage ratio, the calculation of consolidated EBITDA as defined in the ABL Facility is a trailing 12-month calculation that begins with the Company’s consolidated net income, with certain adjustments for interest, taxes, depreciation and amortization, net income attributable to noncontrolling interests, stock compensation expense, restructuring costs, and the financial impact of other non-cash or non-recurring items recorded during any such 12-month period. The consolidated fixed charge coverage ratio is a required covenant only in periods where the total borrowings outstanding under the ABL Facility reduce the amount available in the facility to less than the greater of (i) $95 million or (ii) 10% of the calculated borrowing base. As a result, in the event the Company has less than $95 million available under the ABL Facility, the Company would need to comply with the consolidated fixed charge coverage ratio. At March 31, 2025, the Company is not subject to the consolidated fixed charge coverage ratio as such triggering event had not occurred during the twelve months ended March 31, 2025. The Company paid interest of $229 million and $149 million on borrowings during the three months ended March 31, 2025 and 2024, respectively.

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