TeamHealth to refinance loan, redeem 9% notes

By Angela McDaniels

Seattle, Oct. 13 - TeamHealth said it plans to refinance its existing senior secured credit facilities and redeem its 9% senior subordinated notes due 2012 as part of a planned leveraged buyout of the company.

The company announced Thursday that it will be acquired by The Blackstone Group, a private equity firm.

The note redemption will be in accordance with the terms of the indenture. TeamHealth said it will release details later.

TeamHealth redeemed $34.4 million of these notes earlier this year. It was able to do so after April 6, when the company and its bank lenders agreed to an amendment which allowed TeamHealth to acquire and retire the 9% notes at a purchase price of $35.0 million, according to its most recent 10-Q filing with the Securities and Exchange Commission.

The filing also stated that as of June 30, TeamHealth had $145.7 million of the notes and $202.3 million of bank debt outstanding.

TeamHealth is based in Knoxville, Tenn., and provides outsourced physician staffing and administrative services to health care providers.

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