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S&P: United Surgical unchanged with add-on
Standard & Poor's said that United Surgical Partners International Inc. is proposing a $150 million first-lien senior secured add-on to the 2019 term loan tranche.
The company is planning to use the proceeds to refinance its $144 million first-lien term loan due 2014.
The agency said the rating on its $672 million (after add-on) senior secured first-lien term loan due 2019 remains B with a recovery rating of 3, indicating 50% to 70% expected default recovery.
The company's corporate credit rating is B.
The outlook is stable.
The ratings reflect the company's highly leveraged financial risk profile, highlighted by debt leverage greater than 9x, including an adjustment for preferred stock, S&P said.
The ratings also consider the company's weak business risk profile, which is underpinned by its operating focus as an owner and operator of ambulatory surgery centers, the agency said.
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