Tenet Healthcare Corp. said that it has started a tender offer to buy up to $1 billion of its outstanding 9.875 percent senior notes due 2014.

The tender offer will expire at the end of June 25, and is conditioned on the company's being able to raise at least $200 million by issuing new senior secured notes.

Dallas-based Tenet, which owns Hahnemann University Hospital and St. Christopher's Hospital for Children in the Philadelphia region, said that holders of notes tendered before the early deadline of 5 p.m. June 11 will receive $1,000 per $1,000 principal amount of notes, which represents a $30 premium, plus interest.