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Surgery Center driving by with $600 million eight-year senior notes; early guidance 7½%-7¾% area
By Abigail W. Adams
Portland, Me., March 26 – Surgery Center Holdings Inc. plans to price $600 million eight-year senior notes in a Tuesday drive-by with early guidance for a yield in the 7½% to 7¾% area, according to a market source.
The notes are non-callable for three years.
Barclays (lead left), Jefferies LLC, BofA Securities Inc. and J.P. Morgan Securities LLC are active bookrunners for the Rule 144A offering.
Capital One Securities Inc., Fifth Third Securities Inc., First Citizens, KKR Capital Markets LLC, Mizuho Securities USA Inc., RBC Capital Markets LLC and Wells Fargo Securities LLC are also bookrunners.
There is an equity clawback of up to 40% and a poison put of 101.
Proceeds will be used to redeem the company’s 6¾% senior notes due 2025 and 10% senior notes due 2027.
Surgery Center is a Nashville-based health care services company.
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