Symbion, an owner and operator of short-stay surgical facilities headquartered in Nashville, Tenn., announced yesterday that it plans to issue an aggregate principal amount of $350 million of senior secured notes due 2016 in a private placement, in connection with the company's proposed refinancing.
"We feel that this is an appropriate time in the capital markets to undertake this initiative," said Richard E. Francis, Jr., Symbion CEO. "As we have stated in the past, our goal is to always provide the most advantageous capital structure to provide capital for our existing markets, enhance growth initiatives and provide a favorable financial structure for our company."
Symbion's obligations under the senior secured notes due 2016 (the "Notes") will be guaranteed by substantially all of the company's existing and future material wholly-owned domestic restricted subsidiaries. Symbion intends to use the net proceeds from the sale of the Notes, after deducting expenses of its offering, together with cash on its balance sheet, to repay in full all outstanding borrowings under its $350 million existing senior secured credit facilities.
The company also expects to repurchase an aggregate principal amount of approximately $70.8 million of its 11.00 percent/11.75 percent senior PIK toggle notes due Aug. 23, 2015, at par plus accrued and unpaid interest, from certain holders of PIK toggle notes.
Read the Sun Herald report on Symbion's refinancing process.
Read more about Symbion.
Related Articles on Symbion:
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"We feel that this is an appropriate time in the capital markets to undertake this initiative," said Richard E. Francis, Jr., Symbion CEO. "As we have stated in the past, our goal is to always provide the most advantageous capital structure to provide capital for our existing markets, enhance growth initiatives and provide a favorable financial structure for our company."
Symbion's obligations under the senior secured notes due 2016 (the "Notes") will be guaranteed by substantially all of the company's existing and future material wholly-owned domestic restricted subsidiaries. Symbion intends to use the net proceeds from the sale of the Notes, after deducting expenses of its offering, together with cash on its balance sheet, to repay in full all outstanding borrowings under its $350 million existing senior secured credit facilities.
The company also expects to repurchase an aggregate principal amount of approximately $70.8 million of its 11.00 percent/11.75 percent senior PIK toggle notes due Aug. 23, 2015, at par plus accrued and unpaid interest, from certain holders of PIK toggle notes.
Read the Sun Herald report on Symbion's refinancing process.
Read more about Symbion.
Related Articles on Symbion:
Symbion Q1 Revenue Increases Nearly 31 Percent
REIT to Acquire Texas Surgery Center Property
3 Keys to Northstar Surgical Center's 10 Year (and Counting) Success