New York, July 14, 2014 -- Moody's Investors Service assigned a B3 Corporate Family Rating and B3-PD Probability of Default Rating to SP HoldCo I, Inc. the indirect parent of Surgery Center Holdings ("Surgery Partners"). At the same time, Moody's assigned a B1 (LGD 2) rating to Surgery Partners'$900 million senior secured first lien credit facilities, consisting of a $80 million revolving credit facility expiring in 2019 and a $820 million first lien term loan due 2020. Concurrently, Moody's assigned a Caa2 (LGD 5) rating to Surgery Partners' proposed $440 million second lien term loan due 2021 and a Caa2 (LGD 6) rating to SP HoldCo's $100 million PIK term loan due 2021. The rating outlook is negative.

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