Universal Health Services (UHS), the US hospital operator, completed a public bond offering on August 20, 2026, issuing $1.1 billion of senior secured notes in two tranches: $600 million at 5.500% due 2031 and $500 million at 6.000% due 2036. The notes are guaranteed by UHS's subsidiaries and backed by first-priority liens on certain company assets, putting them in the same repayment tier as its existing bank credit facility and five earlier series of secured notes. Moody's and S&P both rated the notes investment grade at issuance, with interest payable twice a year starting March 2027. One caveat: the filing excerpt cuts off mid-sentence while explaining when the collateral liens can be released, so that technical detail is best checked against the full filing.
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