Surgery Partners Inc. 'B' Rating Affirmed; Operating Subsidiary's New Debt Rated - S&P Global Ratings’ Credit Research

Surgery Partners Inc. 'B' Rating Affirmed; Operating Subsidiary's New Debt Rated

Surgery Partners Inc. 'B' Rating Affirmed; Operating Subsidiary's New Debt Rated - S&P Global Ratings’ Credit Research
Surgery Partners Inc. 'B' Rating Affirmed; Operating Subsidiary's New Debt Rated
Published Jun 07, 2017
4 pages (1581 words) — Published Jun 07, 2017
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Abstract:

Nashville, Tenn.-based Surgery Partners Inc. is issuing a $1.290 billion term loan B along with a $75 million revolving credit facility and $335 million in senior unsecured notes to finance its previously announced acquisition of National Surgical Healthcare (NSH). We are affirming our 'B' corporate credit rating on Surgery Partners. The outlook is stable. At the same time, we are assigning our 'B' issue-level rating to operating subsidiary Surgery Center Holdings Inc.'s proposed $1.290 billion term loan B due 2024 and $75 million revolver due 2022 with a '3' recovery rating. We are also assigning our 'CCC+' issue-level rating to Surgery Center's proposed $335 million senior unsecured notes due 2025 with a '6' recovery rating. The stable outlook reflects our

  
Brief Excerpt:

...+ Nashville, Tenn.-based Surgery Partners Inc. is issuing a $1.290 billion term loan B along with a $75 million revolving credit facility and $335 million in senior unsecured notes to finance its previously announced acquisition of National Surgical Healthcare (NSH). + We are affirming our 'B' corporate credit rating on Surgery Partners. The outlook is stable. + At the same time, we are assigning our 'B' issue-level rating to operating subsidiary Surgery Center Holdings Inc.'s proposed $1.290 billion term loan B due 2024 and $75 million revolver due 2022 with a '3' recovery rating. We are also assigning our '###+' issue-level rating to Surgery Center's proposed $335 million senior unsecured notes due 2025 with a '6' recovery rating. + The stable outlook reflects our expectation that post-transaction the company will continue to generate 7%-9% revenue growth, sustain EBITDA margins around 16%-17%, and generate more than $30 million of discretionary cash flow through 2019. NEW YORK (S&P Global...

  
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Ratings Action

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Health Care Facilities (35102020)
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Global Issuers
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MLA:
S&P Global Ratings’ Credit Research. "Surgery Partners Inc. 'B' Rating Affirmed; Operating Subsidiary's New Debt Rated" Jun 07, 2017. Alacra Store. Nov 06, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Surgery-Partners-Inc-B-Rating-Affirmed-Operating-Subsidiary-s-New-Debt-Rated-1864086>
  
APA:
S&P Global Ratings’ Credit Research. (). Surgery Partners Inc. 'B' Rating Affirmed; Operating Subsidiary's New Debt Rated Jun 07, 2017. New York, NY: Alacra Store. Retrieved Nov 06, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Surgery-Partners-Inc-B-Rating-Affirmed-Operating-Subsidiary-s-New-Debt-Rated-1864086>
  
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