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13.10.2016 19:21:00

Moody's says Surgical Care Affiliates' proposed $150 million term loan add-on is credit negative; no impact on ratings

New York, October 13, 2016 -- Moody's Investors Service (Moody's) today commented that the increase in Surgical Care Affiliates' senior secured first lien term loan to $593 million is modestly credit negative due to the temporary increase in financial leverage and reduction in interest coverage. However, this transaction has no impact on SCA's ratings or stable outlook. The incremental $150 million of add-on proceeds will be used to replenish liquidity used to fund $69 million of recent acquisitions and repay $10 million of existing revolver borrowings. Moody's expects SCA to use the remaining $68 million of proceeds after transaction fees to fund future acquisitions to further consolidate the independent surgical provider marketplace. Please see the Issuer Comment at www.moodys.com for additional details.

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