...- Surgery Partners Inc. recently raised new equity through a $575 million public offering of common stock and expects to complete a $225 million private placement with its majority owner, Bain Capital, within 30 days. In addition, the company granted the underwriters an option to purchase additional shares that could raise up to $86 million. We expect the company will use about $700 million-$720 million of the proceeds to prepay debt, with the remaining cash, net of fees and expenses, going to the balance sheet. - Following the debt repayment, we forecast S&P Global Ratings'-adjusted debt to EBITDA of 7.4x in 2023 and 6.8x in 2024, compared with our previous expectation of 8.3x and 7.8x in 2023 and 2024, respectively. - We have also raised our discretionary cash flow expectations, after capital expenditures and distribution to non-controlling interests, to about $70 million-$80 million by the end 2023, from our prior expectation of about $30 million. - We revised our outlook on Surgery...
