Dallas-based Tenet Healthcare plans to market $2 billion in loans for its joint venture with United Surgical Partners International and purchase of U.K. hospital operator Aspen Healthcare, according to Bloomberg, which cites "a person close to the deal."
Tenet is expected to begin the marketing process Friday and hold a conference call with lenders to talk about the bridge financing, which will consist of two portions — $1.5 billion unsecured and $500 million secured, the source, who wanted to remain anonymous because the call is private, told Bloomberg.
A Tenet spokesman declined to talk with Bloomberg about Friday's talks with lenders.
Tenet announced on Monday that it signed a definitive agreement to form a joint venture with USPI to create the largest provider of ambulatory surgery in the U.S. Under the deal, Tenet will pay $425 million to the private equity firm Welsh, Carson, Anderson & Stowe and USPI shareholders. Tenet will also assume about $1.5 billion in USPI debt. In a separate deal, Tenet agreed to buy Aspen Healthcare from Welsh Carson for about $215 million.
Keith Pitts, Tenet's vice chairman, told Bloomberg there would be "minimal increase" in the company's leverage and that its growth rate should be stronger.
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