Surgery Partners Announces New Note Offering
25 März 2019 - 2:27PM
Surgery Partners, Inc. (NASDAQ:SGRY) (“Surgery
Partners”) a leading provider of surgical services, today announced
that its wholly-owned subsidiary, Surgery Center Holdings, Inc.
(the “Issuer”), intends to offer, subject to market and other
considerations, $430,000,000 aggregate principal amount of senior
unsecured notes due 2027 (the “notes”). The notes will be
guaranteed (the “guarantees”) on a senior unsecured basis by each
domestic wholly-owned subsidiary of the Issuer that guarantees its
obligations under its senior secured credit facilities. The terms
of the notes, including interest rate and principal amount, will
depend on market conditions at the time of pricing and will be
determined by negotiations among Surgery Partners and the initial
purchasers of the notes.
Surgery Partners intends to use the net proceeds from this
offering, together with cash on the balance sheet, to redeem all of
the Issuer’s outstanding 8.875% senior unsecured notes due April
15, 2021, to pay the accrued interest and the redemption premium
for such notes and to pay related fees and expenses in connection
with this offering and such redemption.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy securities, nor shall there be any
offer, solicitation or sale in any jurisdiction in which, or to any
person to whom, such offer, solicitation or sale would be unlawful.
The notes and the guarantees are being offered and sold only to
“qualified institutional buyers” in the United States pursuant to
Rule 144A under the Securities Act of 1933, as amended (the
“Securities Act”), and to non-U.S. persons outside the United
States in reliance on Regulation S under the Securities Act. The
notes and the guarantees have not been, and will not be, registered
under the Securities Act or any state securities laws and may not
be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of the
Securities Act and applicable state laws.
Forward-Looking Statements
This press release contains forward-looking statements,
including those regarding Surgery Partners’ intention to offer and
sell, and apply the net proceeds of, the notes. These statements
can be identified by the use of words such as “believes,”
“anticipates,” “expects,” “intends,” “plans,” “continues,”
“estimates,” “predicts,” “projects,” “forecasts,” and similar
expressions. All forward looking statements are based on current
expectations and beliefs as of the date of this release and are
subject to risks, uncertainties and assumptions that could cause
actual results or events to differ materially from those discussed
in, or implied by, the forward-looking statements, including but
not limited to, the risk that the proposed offering and related
redemption is not completed on the terms or in the amounts
anticipated, or at all and the other risks identified in Item 1A
under the heading “Risk Factors” in the Company’s Annual Report on
Form 10-K for the year ended December 31, 2018, filed on March 15,
2019. Except as required by law, neither Surgery Partners, nor the
Issuer, undertakes any obligation to revise or update publicly any
forward-looking statements to reflect events or circumstances after
the date of this report, or to reflect the occurrence of
unanticipated events or circumstances.
About Surgery Partners
Headquartered in Brentwood, Tennessee, Surgery Partners is a
leading healthcare services company with a differentiated
outpatient delivery model focused on providing high quality, cost
effective solutions for surgical and related ancillary care in
support of both patients and physicians. Founded in 2004, Surgery
Partners is one of the largest and fastest growing surgical
services businesses in the country, with more than 180 locations in
31 states, including ambulatory surgical facilities, surgical
hospitals, a diagnostic laboratory, multi-specialty, physician
practices and urgent care facilities.
Investors:
Thomas F. Cowhey, Chief Financial OfficerSurgery Partners, Inc.
(615)234-8940IR@surgerypartners.com
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