BRENTWOOD, Tenn. - Surgery Partners, Inc. (NASDAQ:SGRY), a prominent operator of short-stay surgical facilities, announced on Tuesday its intention to issue $600 million in senior unsecured notes due in 2032 through its subsidiary, Surgery Center Holdings, Inc. The offering is contingent on market conditions and other factors.
The notes, to be guaranteed by the Company's domestic subsidiaries that also back its senior secured credit facilities, will have their interest rates and principal amounts set based on market conditions at the time of finalizing the deal.
Surgery Partners aims to allocate the net proceeds from the sale of these notes to redeem its existing 6.750% senior unsecured notes due July 1, 2025, and 10.000% senior unsecured notes due April 15, 2027.
The funds will also cover accrued interest on these notes and associated fees and expenses related to the offering and redemptions. Any remaining funds will be used for general corporate purposes, which may include financing future acquisitions.
The notes and their guarantees will be offered and sold exclusively to qualified institutional buyers within the United States under Rule 144A and to non-U.S. persons outside the United States in accordance with Regulation S, both under the Securities Act of 1933.
These securities have not been registered under the Securities Act or any state securities laws, and they may not be offered or sold in the U.S. without registration or an exemption from registration requirements.
Surgery Partners, based in Brentwood, Tennessee, and established in 2004, operates over 180 locations across 33 states, offering a range of surgical services, including ambulatory surgery centers, surgical hospitals, and urgent care facilities.
This press release contains forward-looking statements regarding the proposed offering and the application of its net proceeds. Factors that could cause actual results to differ from expectations include risks and uncertainties detailed in the Company's SEC filings, including its most recent Annual Report on Form 10-K.
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