Surgery Partners Enters Material Definitive Agreement
Ticker: SGRY · Form: 8-K · Filed: Jun 20, 2024 · CIK: 1638833
| Field | Detail |
|---|---|
| Company | Surgery Partners, Inc. (SGRY) |
| Form Type | 8-K |
| Filed Date | Jun 20, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $1,400 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-definitive-agreement, financial-obligation
TL;DR
Surgery Partners just signed a big deal, likely involving debt or a new financial arrangement.
AI Summary
On June 20, 2024, Surgery Partners, Inc. entered into a material definitive agreement related to a financial obligation. The company, incorporated in Delaware with its principal executive offices in Brentwood, Tennessee, filed this 8-K report to disclose this event.
Why It Matters
This filing indicates a significant financial commitment or obligation for Surgery Partners, Inc., which could impact its financial standing and future operations.
Risk Assessment
Risk Level: medium — Entering into material definitive agreements, especially those involving financial obligations, can introduce financial risks and operational changes for a company.
Key Players & Entities
- Surgery Partners, Inc. (company) — Registrant
- June 20, 2024 (date) — Date of earliest event reported
- Delaware (jurisdiction) — State of Incorporation
- Brentwood, Tennessee (location) — Address of Principal Executive Offices
FAQ
What type of material definitive agreement did Surgery Partners, Inc. enter into?
The filing indicates the entry into a material definitive agreement that creates a direct financial obligation or an obligation under an off-balance sheet arrangement for the registrant.
When was the earliest event reported in this 8-K filing?
The earliest event reported was on June 20, 2024.
What is the principal business of Surgery Partners, Inc. according to the filing?
Surgery Partners, Inc. is in the business of SERVICES-GENERAL MEDICAL & SURGICAL HOSPITALS, NEC.
Where are Surgery Partners, Inc.'s principal executive offices located?
The principal executive offices are located at 340 Seven Springs Way, Suite 600, Brentwood, Tennessee 37027.
What is the SEC file number for Surgery Partners, Inc.?
The SEC file number for Surgery Partners, Inc. is 001-37576.
Filing Stats: 870 words · 3 min read · ~3 pages · Grade level 11.4 · Accepted 2024-06-20 16:30:33
Key Financial Figures
- $0.01 — h registered Common Stock, par value $0.01 per share SGRY The Nasdaq Global Se
- $1,400 million — ent in an aggregate principal amount of $1,400 million (the "2024 Refinancing Term Loans"), wh
Filing Documents
- tm2417299d1_8k.htm (8-K) — 27KB
- tm2417299d1_ex10-1.htm (EX-10.1) — 1928KB
- 0001104659-24-073419.txt ( ) — 2539KB
- sgry-20240620.xsd (EX-101.SCH) — 3KB
- sgry-20240620_lab.xml (EX-101.LAB) — 33KB
- sgry-20240620_pre.xml (EX-101.PRE) — 22KB
- tm2417299d1_8k_htm.xml (XML) — 4KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. First Amendment to Credit Agreement On June 20, 2024 (the "Amendment Effective Date"), SP Holdco I, Inc., a Delaware corporation ("Holdings"), Surgery Center Holdings, Inc., a Delaware corporation (the "Borrower"), each a wholly-owned subsidiary of Surgery Partners, Inc. (the "Company"), and certain wholly-owned subsidiaries of the Borrower party thereto (the "Subsidiary Guarantors"), entered into a first amendment to credit agreement (the "Amendment"), with Jefferies Finance LLC, as fronting bank, the administrative agent and the collateral agent, and the other financial institutions party thereto, which amends that certain credit agreement, dated as of December 19, 2023, by and among Holdings, the Borrower, Jefferies Finance LLC, as administrative agent and collateral agent, and the other financial institutions party thereto from time to time (the "Credit Agreement"). The Amendment amended the Credit Agreement to, among other things, provide for a new tranche of term loans under the Credit Agreement in an aggregate principal amount of $1,400 million (the "2024 Refinancing Term Loans"), which 2024 Refinancing Term Loans replace or refinance in full all of the existing term loans outstanding under the Credit Agreement (as in effect immediately prior to the Amendment), all as further set forth in the Amendment. The 2024 Refinancing Term Loans mature on December 19, 2030. The 2024 Refinancing Term Loans shall bear interest at a rate per annum equal to (x) the forward-looking term rate based on Secured Overnight Financing Rate ("Term SOFR") plus 2.75% per annum or (y) an alternate base rate (which will be the highest of (i) the prime rate plus 0.5% per annum above the federal funds effective rate and (ii) Term SOFR plus 1.00% per annum (which shall not be less than 1.00%)) plus 1.75% per annum. The 2024 Refinancing Term Loans amortize in equal quarterly installments of 0.25% of the aggregate original principal
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 First Amendment to Credit Agreement, dated as of June 20, 2024, by and among SP Holdco I, Inc., Surgery Center Holdings, Inc., the Subsidiary Guarantors, Jefferies Finance LLC, and the other lenders party thereto. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date:June20,2024 Surgery Partners, Inc. By: /s/ David T. Doherty Name: David T. Doherty Title: Executive Vice President and Chief FinancialOfficer