Surgery Partners' wholly owned subsidiary SP Finco will be merged into Surgery Center Holdings for $370 million.
Here are four things to know:
1. The $370 million price is the aggregate principle amount of 6.75 percent senior unsecured notes due 2025 in a previously announced private offering which was exempt from the registration requirements of the Securities Act.
2. Surgery Partners expects the offering to close into escrow on June 30 before the closing of Surgery Partners' National Surgical Hospitals acquisition is finalized, which is currently subject to customary closing conditions.
3. Surgery Partners expects the net proceeds from the offering to partially finance the NSH acquisition as well as refinance its existing credit facilities, repay certain NSH debt, pay fees and expenses associated with the offering and general corporate purposes.
4. Surgery Partners was founded in 2005 and now includes more than 150 locations in 29 states. The company owns surgery centers, surgical hospitals and diagnostic laboratories in addition to multispecialty physician practices and urgent care facilities.