Surgery Partners plans new loan, bonds for National Surgical buy

By Sara Rosenberg

New York, May 10 – Surgery Partners Inc. plans on getting a $1.29 billion loan and issuing $335 million in bonds to fund its acquisition of National Surgical Healthcare Inc. from Irving Place Capital for about $760 million and to refinance an existing term loan, according to a market source.

Jefferies LLC is the left lead on the financing.

With the transaction, Bain Capital Private Equity will acquire H.I.G. Capital’s existing equity stake in Surgery Partners.

Preferred equity coming from Bain will be around $310 million, the source said.

Surgery Partners’ existing $400 million bonds are expected to stay in place.

Closing is expected this year, subject to regulatory approvals and other customary conditions.

Surgery Partners is a Nashville-based healthcare services company. National Surgical is a Chicago-based owner and operator of surgical facilities in partnership with local physicians.

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