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Surgery Center gets about $1.4 billion debt commitment for Symbion buy
By Sara Rosenberg
New York, June 16 – Surgery Center Holdings Inc. (Surgery Partners) has received a commitment for roughly $1.4 billion of debt financing to fund its $792 million acquisition of Symbion Holdings Corp., according to a news release.
Jefferies LLC is leading the financing.
Closing is expected in the fourth quarter, subject to customary conditions and required regulatory approvals.
With the transaction, Symbion will redeem its 11.00%/11.75% senior pay-in-kind toggle notes due 2015, 8% senior secured notes due 2016 and 8% senior PIK exchangeable notes due 2017.
Surgery Center, a portfolio company of H.I.G. Capital LLC, is a Chicago-based owner and operator Ambulatory Surgery Centers. Symbion, a portfolio company of Crestview Partners, is a Nashville, Tenn.-based owner and operator of short stay surgical facilities.
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