By Lisa Kerner
Charlotte, N.C., June 2 - AmSurg Corp. sold $75 million of 10-year 6.04% senior notes to Prudential Insurance Co. of America, Pruco Life Insurance Co., Prudential Retirement Insurance and Annuity Co. and Forethought Life Insurance Co., according to a form 8-K filed with the Securities and Exchange Commission.
The company announced the sale on Tuesday.
Proceeds will be used to refinance debt under an existing credit agreement and to finance general corporate needs, including working capital, capital expenditures and share repurchases.
Interest is payable quarterly.
According to the filing, the company will be required to make quarterly payments on the principal balance beginning on Aug. 28, 2013, and the entire unpaid principal balance of the notes will be due and payable on May 28, 2020.
AmSurg may prepay at any time all or part of the notes at 100% of the principal amount, plus accrued interest and any applicable make-whole amount.
The company is required to maintain a leverage ratio of at the end of each fiscal quarter of not greater than 3.25 to 1.00, an interest coverage ratio of not less than 2.00 to 1.00 and a minimum consolidated net worth.
AmSurg is a Nashville-based operator of ambulatory surgery centers.
| Issuer: | AmSurg Corp.
|
| Issue: | Senior notes
|
| Amount: | $75 million
|
| Maturity: | May 28, 2020
|
| Coupon: | 6.04%, payable quarterly
|
| Call option: | At any time
|
| Settlement date: | May 28
|
| Distribution: | Private placement
|
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