Surgery Partners, Inc. Announces Pricing of New Senior Notes Offering
March 26 2024 - 3:51PM
Surgery Partners, Inc. (NASDAQ:SGRY)
(“Surgery Partners” or the “Company”) today
announced that its wholly-owned subsidiary, Surgery Center
Holdings, Inc. (the “Issuer”), priced $800,000,000 aggregate
principal amount of its 7.250% senior unsecured notes due 2032 (the
“Notes”) in a previously announced private offering exempt from the
registration requirements of the Securities Act of 1933, as amended
(the “Securities Act”). The offering is expected to close on April
10, 2024, subject to certain customary closing conditions. 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.
Surgery Partners intends to use the net proceeds from this
offering to redeem all of the Issuer’s outstanding 6.750% senior
unsecured notes due July 1, 2025 and 10.000% senior unsecured notes
due April 15, 2027, to pay the accrued interest on such notes and
to pay related fees and expenses in connection with this offering
and such redemptions. The excess proceeds from this offering will
be used for general corporate purposes, including to fund future
acquisitions.
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
persons reasonably believed to be “qualified institutional buyers”
in the United States pursuant to Rule 144A under 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.
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
33 states, including ambulatory surgery centers, surgical
hospitals, multi-specialty physician practices and urgent care
facilities.
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
include, but are not limited to, the Company’s expectations
regarding the proposed offering. 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 other factors that may cause actual results to
differ materially from the expectations discussed in, or implied
by, the forward-looking statements. Many of these factors are
beyond our ability to control or predict including, without
limitation, the risks and uncertainties identified and discussed in
the Company’s reports filed with the SEC, including in Item 1A
under the heading "Risk Factors" in the Company’s Annual Report on
Form 10-K for the year ended December 31, 2023. Except as required
by law, neither the Company 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.
Contact:Surgery Partners Investor Relations
(615) 234-8940IR@surgerypartners.com
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