Ropes & Gray Represents Surgery Partners in $800 Million High Yield Senior Notes Offering

Ropes & Gray advised Surgery Partners and its subsidiaries in an offering of $800 million in aggregate principal amount of 7.250% senior unsecured notes due 2032. The transaction was announced on March 26 in a press release and closed on April 10. The net proceeds from the offering are being used to redeem all of Surgery Partners’ outstanding 6.750% senior unsecured notes due 2025 and 10.000% senior unsecured notes due 2027, to pay the accrued interest on such notes and to pay related fees and expenses in connection with the offering and the redemptions of such outstanding notes.

Headquartered in Brentwood, Tenn., Surgery Partners is a leading healthcare services company with a differentiated outpatient delivery model focused on providing high-quality, cost-effective solutions for surgical and related ancillary care in support of both patients and physicians. Founded in 2004, Surgery Partners is one of the largest and fastest growing surgical services businesses in the country, with more than 180 locations in 33 states, including ambulatory surgery centers, surgical hospitals, multi-specialty physician practices and urgent care facilities.

The Ropes & Gray team was led by capital markets partner Rachel Phillips, finance partner Byung Choi and tax partner Pam Glazier.