Recommendation Updates

Follow the latest news on active Turnaround Letter purchase recommendations.

Mid Cap / Healthcare Equipment & Services / Stocks That Pay Dividends

Tenet Healthcare Tender Offer Completed

On December 6, 2011, Tenet Healthcare Corporation (NYSE: THC) announced completion of its previously-announced cash tender offer to purchase any and all of the $714.012 million aggregate principal amount outstanding of its 9.0% Senior Secured Notes due 2015. The tender offer expired on December 5, 2011. Tenet received tenders and consents for proposed amendments to the related indenture governing the notes from the holders of approximately $712.968 million (approximately 99.85%) aggregate principal amount of the outstanding notes prior to the consent payment deadline on November 18, 2011. After the consent payment deadline, but prior to the expiration of the tender offer, Tenet received additional tenders of $22,000 aggregate principal amount of the outstanding notes. Holders of the notes tendered after the consent payment deadline received consideration of $1,052.44 per $1,000 principal amount of notes tendered, plus accrued and unpaid interest up to, but not including, the final settlement date of December 6, 2011. Tenet purchased the notes tendered before the consent payment deadline for total consideration of approximately $775.310 million, representing approximately $771.745 million in principal and premium payments and approximately $3.565 million in accrued and unpaid interest through the date of purchase. Tenet purchased the notes with the net proceeds from its private offering of $900 million aggregate principal amount of 6.25% Senior Secured Notes due 2018. Tenet purchased the notes tendered after the consent payment deadline, but prior to the expiration of the tender offer, for total consideration of $23,346.18, representing $23,153.68 in principal and premium payments and $192.50 in accrued and unpaid interest through the date of purchase. Tenet purchased these notes with the remaining net proceeds from its private offering of $900 million aggregate principal amount of 6.25% Senior Secured Notes due 2018.

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Turnaround Investing Blog

Turnaround Investing Blog

Is there value in bankrupt PG&E’s stock?

In nearly every case, the shares of a company in bankruptcy become worthless. In very rare cases, however, they can become great investments. W.R. Grace (NYSE:GRA) shares produced a 75-fold return, as an example. With California utility PG&E (NYSE:PCG) now in bankruptcy, the range of possible outcomes for its equity is wide.

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EV/EBITDA: What Is It & Why Are We Using It More?

In reading recent editions of The Turnaround Letter, you have probably noticed that we are increasingly using EV/EBITDA as a valuation measure, rather than the better-known price/earnings multiple.  We thought it might be useful to describe this measure and why we like it.

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Turnaround Letter Stock Pick Named Top Performer of 2017

 

stock market advicex

 

What Last Year's Top Stock Pickers Are Buying in 2018

 

This Forbes write-up follows up on the recent Top Stock Tips report--naming The Turnaround Letter's Crocs recommendation the top performer of 2017: With 90% gains, CROX beat out 100 other investment ideas included in the report; and the stock continues to have value investing appeal, according to Putnam.

 

George notes, "We see additional upside for the stock in 2018 as management's efforts continue to bear fruit, though the gains will likely be more muted than we saw in 2017."