Franklin, Tenn.-based Iasis Healthcare has announced plans to refinance existing debt by issuing $1.235 billion in new senior secured credit facilities and $935 million in senior unsecured notes, according to an IASIS news release.
The $1.235 billion senior secured credit facilities will include a $935 million senior secured term loan and a $300 million senior secured super priority revolving credit facility, according to the release.
Proceeds from the facilities and notes will be use to refinance existing debt, repurchase 8¾ percent senior subordinated notes, repay senior paid-in-kind loans to its parent company, raise capital and provide potential distributions to equity holders, according to the report.
The transaction, which is subject to documentation and customary closing conditions, is expected to close early next month.
Read the release on IASIS debt refinancing (pdf).
Read more coverage on IASIS:
- Iasis Healthcare Purchases Majority Interest in Houston's St. Joseph Medical Center
- IASIS Revenue Up 7%, Earnings Down 13.5%
The $1.235 billion senior secured credit facilities will include a $935 million senior secured term loan and a $300 million senior secured super priority revolving credit facility, according to the release.
Proceeds from the facilities and notes will be use to refinance existing debt, repurchase 8¾ percent senior subordinated notes, repay senior paid-in-kind loans to its parent company, raise capital and provide potential distributions to equity holders, according to the report.
The transaction, which is subject to documentation and customary closing conditions, is expected to close early next month.
Read the release on IASIS debt refinancing (pdf).
Read more coverage on IASIS:
- Iasis Healthcare Purchases Majority Interest in Houston's St. Joseph Medical Center
- IASIS Revenue Up 7%, Earnings Down 13.5%