Surgery Partners, Inc. (NASDAQ:SGRY) (“Surgery Partners”) today announced that it has commenced an underwritten public offering of $275 million of its common stock. All of the shares to be sold in the offering are to be sold by Surgery Partners. In connection with the offering, Surgery Partners intends to grant the underwriters a 30-day option to purchase up to $41.25 million of additional shares of its common stock. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
BofA Securities is acting as lead bookrunning manager for the public offering.
An affiliate of Bain Capital, our controlling stockholder, has agreed to purchase $225 million of our common stock in a concurrent private placement at the same public offering price per share as the purchasers in the underwritten public offering. The concurrent private placement is expected to close within 30 days of the date of the underwritten public offering, subject to the satisfaction of customary closing conditions.
Surgery Partners expects to use proceeds from the offering and the concurrent private placement to repay portions of our long term indebtedness, with the remainder for general corporate purposes.
