Covenant Surgical to launch $220 million credit facilities on Thursday

By Sara Rosenberg

New York, Sept. 12 – Covenant Surgical Partners Inc. is scheduled to hold a bank meeting at 10 a.m. ET in New York on Thursday to launch $220 million of credit facilities, according to a market source.

Goldman Sachs Bank USA and KKR Capital Markets are the leads on the debt.

The facilities consist of a $25 million revolver, a $150 million first-lien term loan and a $45 million delayed-draw first-lien term loan, the source said.

Proceeds will be used to help fund the buyout of the company by KKR from DFW Capital Partners, Iroquois Capital Group, PineBridge Investments and other existing shareholders.

Closing is expected in the third quarter, subject to regulatory approvals and other customary conditions.

Covenant Surgical is a Nashville, Tenn.-based acquirer and operator of ambulatory surgery centers and physician practices.

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