Surgical Care talks $250 million eight-year notes at 6% area yield; pricing Wednesday

By Paul A. Harris

Portland, Ore., March 11 – Surgical Care Affiliates, Inc. talked its $250 million offering of eight-year senior notes (Caa1/B-) to yield in the 6% area, according to an informed source.

Books close at 2 p.m. ET on Wednesday, and the deal is set to price thereafter.

Goldman Sachs & Co. is the left bookrunner for the Rule 144A and Regulation S for life offering.

J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Barclays, Morgan Stanley & Co. LLC, BofA Merrill Lynch and SunTrust Robinson Humphrey Inc. are the joint bookrunners.

BMO Securities and TPG Capital are the co-managers.

The notes come with three years of call protection.

The Deerfield, Ill.-based surgical center operator plans to use the proceeds, together with proceeds from a new term loan, to repay its existing term loan in its entirety, with any remaining proceeds to be used for general corporate purposes.

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