Bulletin: Surgery Partners Inc. Ratings Unchanged On Proposed Equity Offering

NEW YORK (S&P Global Ratings) Nov. 8, 2021--S&P Global Ratings today said that Surgery Partners Inc.'s (B-/Stable/--) announced offering of five million shares of its common stock, along with an underwriters' option to purchase up to an additional 750,000 shares, does not affect our ratings on the company. We expect Surgery Partners to use some of the proceeds from the stock offering to fund acquisitions, in place of debt financing, which we view as slightly credit positive. Based on its current stock price, we believe that the company could raise about $250 million from the offering. Separately, Surgery Partners intends to upsize its revolving credit facility by $40 million, which will improve its liquidity. Our 'B-' issuer credit rating and

...November 8, 2021 NEW YORK (S&P Global Ratings) Nov. 8, 2021--S&P Global Ratings today said that Surgery Partners Inc.'s (B-/Stable/--) announced offering of five million shares of its common stock, along with an underwriters' option to purchase up to an additional 750,000 shares, does not affect our ratings on the company. We expect Surgery Partners to use some of the proceeds from the stock offering to fund acquisitions, in place of debt financing, which we view as slightly credit positive. Based on its current stock price, we believe that the company could raise about $250 million from the offering. Separately, Surgery Partners intends to upsize its revolving credit facility by $40 million, which will improve its liquidity. Our 'B-' issuer credit rating and stable outlook on Surgery Partners reflect our view that the demand for its services will continue to steadily improve amid the ongoing pandemic. We believe management's decision to use some of the proceeds from the stock offering...

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