Covenant Surgical details tranching on $385 million credit facilities

By Sara Rosenberg

New York, May 29 – Covenant Surgical Partners Inc. revealed that it will be launching $385 million of credit facilities at its bank meeting at 10 a.m. ET on Thursday, according to a market source.

The facilities consist of a $35 million revolver (B2/B-), a $250 million first-lien term loan (B2/B-) and a $100 million second-lien term loan (Caa2/CCC), the source said.

KKR Capital Markets is the lead on the deal.

Proceeds will be used to refinance existing debt and fund acquisitions under letters of intent.

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

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