HCA Establishes $4 Billion Commercial Paper Program

Cleary Gottlieb represented HCA Healthcare Inc. (HCA) in establishing (through its wholly owned subsidiary HCA Inc.) a $4 billion commercial paper program, under which HCA Inc. may issue unsecured commercial paper notes.

The notes are guaranteed on a senior unsecured basis by HCA. The commercial paper program was established on June 10, 2025.

The maturities of the notes may vary but will not exceed 397 days from the date of issue.

HCA is one of the leading health care services companies in the United States and a leading comprehensive, integrated provider of health care, and related services. HCA provides these services through a network of acute care hospitals, outpatient facilities, clinics, and other patient care delivery settings. As of March 31, 2025, HCA operated 192 hospitals, 125 freestanding ambulatory surgery centers, and 26 freestanding endoscopy centers across 20 states throughout the United States and in England.