Surgery Partners flexes $120 million term loan to Libor plus 800 bps, frees to trade

By Sara Rosenberg

New York, April 17 – Surgery Partners Inc. (Surgery Center Holdings Inc.) lowered pricing on its $120 million senior secured first-lien term loan (B2/B-) due Aug. 31, 2024 to Libor plus 800 basis points from Libor plus 1,000 bps, according to a market source.

Also, the original issue discount on the term loan was changed to 98 from 96, and the call protection was revised to non-callable for one year, then at 102 for a year, from non-callable for two years, then at 102 for a year, the source said.

The term loan still has a 1% Libor floor.

Commitments remained due at noon ET on Friday.

Later in the day, the term loan freed to trade and was quoted at 99½ bid, 102½ offered, another source added.

Jefferies LLC, KKR Capital Markets and Macquarie Capital (USA) Inc. are the lead arrangers on the deal.

Proceeds will be used for general corporate purposes.

Surgery Partners is a Brentwood, Tenn.-based operator of short-stay surgical facilities.

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