[8-K] Surgery Partners, Inc. Reports Material Event
Surgery Partners, Inc. entered into a Second Amendment to its credit agreement on August 13, 2025 that restructures its existing debt facilities. The amendment provides a new tranche of term loans totaling $1,383 million that refinances in full the prior term loans and also refinances the existing revolving credit commitments and outstanding revolving loans.
The 2025 Refinancing Term Loans mature on December 19, 2030 and the refinanced revolving loans mature on December 19, 2028. Interest will accrue at either Term SOFR + 2.50% or an alternate base rate plus 1.50%. The term loans amortize in equal quarterly installments of 0.25% of original principal beginning with the quarter ending September 30, 2025. Voluntary prepayments are permitted without penalty except a 1.00% call premium for certain repricing events within six months. The full amendment is filed as Exhibit 10.1.
Surgery Partners, Inc. ha sottoscritto il 13 agosto 2025 una Seconda Modifica al proprio accordo di credito che ristruttura le linee di debito esistenti. La modifica prevede una nuova tranche di finanziamenti a termine per un totale di $1,383 million, che rifinanzia integralmente i precedenti prestiti a termine e rinnova anche le linee di credito revolving e i prestiti revolving in essere.
I 2025 Refinancing Term Loans scadono il 19 dicembre 2030 e i prestiti revolving rifinanziati scadono il 19 dicembre 2028. Gli interessi maturano a Term SOFR + 2,50% oppure a un tasso base alternativo maggiorato di 1,50%. I prestiti a termine sono ammortizzati in uguali rate trimestrali dello 0,25% del capitale originario, a partire dal trimestre che termina il 30 settembre 2025. I rimborsi volontari anticipati sono consentiti senza penali, fatta eccezione per un premio di richiamo del 1,00% per alcuni eventi di riprezzamento entro sei mesi. L'intera modifica è depositata come Exhibit 10.1.
Surgery Partners, Inc. celebró una Segunda Enmienda a su acuerdo de crédito el 13 de agosto de 2025 que reestructura sus facilidades de deuda existentes. La enmienda contempla una nueva tranche de préstamos a plazo por un total de $1,383 million que refinancia en su totalidad los préstamos a plazo previos y también refinancia las líneas de crédito revolvente y los préstamos revolventes pendientes.
Los 2025 Refinancing Term Loans vencen el 19 de diciembre de 2030 y los préstamos revolventes refinanciados vencen el 19 de diciembre de 2028. Los intereses se devengarán a Term SOFR + 2,50% o a una tasa base alternativa más 1,50%. Los préstamos a plazo se amortizan en cuotas trimestrales iguales del 0,25% del principal original a partir del trimestre que termina el 30 de septiembre de 2025. Los pagos anticipados voluntarios están permitidos sin penalización, salvo una prima de rescate del 1,00% por ciertos eventos de repricing dentro de los seis meses. La enmienda completa se presenta como Exhibit 10.1.
Surgery Partners, Inc.는 2025년 8월 13일 기존 채무 구조를 재편하는 신용계약 제2차 수정계약을 체결했습니다. 이 수정계약은 총액 $1,383 million의 새로운 만기 대출 트랜치를 제공하여 기존 만기 대출을 전액 재융자하고, 기존의 리볼빙 신용 약정 및 미지급 리볼빙 대출도 재융자합니다.
2025 리파이낸싱 만기 대출의 만기는 2030년 12월 19일이며, 재융자된 리볼빙 대출의 만기는 2028년 12월 19일입니다. 이자율은 Term SOFR + 2.50% 또는 대체 기준금리에 1.50%를 가산한 비율 중 하나로 계산됩니다. 만기 대출은 원금의 0.25%를 균등한 분기별 상환으로 상각하며, 상환은 2025년 9월 30일로 종료되는 분기부터 시작됩니다. 자발적 조기상환은 벌금 없이 허용되지만, 특정 재가격 이벤트 발생 후 6개월 이내에는 1.00%의 콜 프리미엄이 적용됩니다. 전체 수정계약은 Exhibit 10.1로 제출되어 있습니다.
Surgery Partners, Inc. a conclu le 13 août 2025 une deuxième modification de son accord de crédit (Second Amendment) qui restructure ses facilités d'endettement existantes. L'amendement prévoit une nouvelle tranche de prêts à terme totalisant $1,383 million, qui refinance intégralement les prêts à terme antérieurs et refinance également les lignes de crédit renouvelables et les prêts renouvelables en cours.
Les 2025 Refinancing Term Loans arrivent à échéance le 19 décembre 2030 et les prêts renouvelables refinancés arrivent à échéance le 19 décembre 2028. Les intérêts courent soit à Term SOFR + 2,50%, soit à un taux de base alternatif majoré de 1,50%. Les prêts à terme s'amortissent par versements trimestriels égaux de 0,25% du capital initial, à compter du trimestre se terminant le 30 septembre 2025. Les remboursements anticipés volontaires sont autorisés sans pénalité, sauf une prime de rappel de 1,00% pour certains événements de re-pricing dans les six mois. L'amendement complet est déposé en tant qu'Exhibit 10.1.
Surgery Partners, Inc. hat am 13. August 2025 eine zweite Änderung seines Kreditvertrags (Second Amendment) abgeschlossen, die seine bestehenden Verbindlichkeiten umstrukturiert. Die Änderung sieht eine neue Tranche von Term Loans in Höhe von insgesamt $1,383 million vor, die die vorherigen Term Loans vollständig refinanziert und zugleich die bestehenden revolvierenden Kreditlinien und ausstehenden revolvierenden Darlehen refinanziert.
Die 2025 Refinancing Term Loans laufen am 19. Dezember 2030 fällig, die refinanzierten revolvierenden Darlehen am 19. Dezember 2028. Die Zinsen werden entweder mit Term SOFR + 2,50% oder einem alternativen Basiszinssatz zuzüglich 1,50% berechnet. Die Term Loans werden in gleichen vierteljährlichen Tilgungsraten von jeweils 0,25% des ursprünglichen Kapitals amortisiert, beginnend mit dem Quartal, das am 30. September 2025 endet. Freiwillige Vorzahlungen sind ohne Strafe zulässig, mit Ausnahme einer Rückkaufprämie von 1,00% bei bestimmten Repricing‑Ereignissen innerhalb von sechs Monaten. Die vollständige Änderung ist als Exhibit 10.1 eingereicht.
- $1,383 million new term loan tranche replaces existing term loans in full, simplifying debt structure
- Refinanced revolver and term loans extend maturities to Dec 19, 2028 (revolver) and Dec 19, 2030 (term loans), reducing near-term refinancing risk
- Voluntary prepayments permitted without penalty, preserving flexibility for early debt reduction
- Scheduled amortization of 0.25% quarterly begins in the quarter ending Sept 30, 2025, increasing near-term cash outflows for principal
- Loans bear variable interest (Term SOFR +2.50% or alternate base +1.50%), exposing interest expense to market rate changes
- 1.00% call premium applies to certain repricing events within six months, limiting cost-free repricing in the near term
Insights
TL;DR: Refinancing replaces prior term loans and revolver with $1.383B of new term debt and extends maturities to 2028–2030.
The Second Amendment materially alters the company’s capital structure by consolidating outstanding term debt into a new $1,383 million tranche and refinancing revolving commitments. Extending the term maturity to December 19, 2030 and the revolver to December 19, 2028 reduces near-term refinancing risk and spreads principal repayments over a longer horizon. Mandatory amortization of 0.25% quarterly begins in Q3 2025, creating predictable but incremental cash outflows. Interest is variable (Term SOFR +2.50% or alternate base +1.50%), maintaining exposure to market rate movements. The amendment permits voluntary prepayments without penalty aside from a limited early call premium, preserving flexibility.
TL;DR: The amendment is a material financing event that both reduces near-term maturity pressure and introduces scheduled amortization and variable-rate cost.
This agreement is significant and investor-relevant because it refinances all prior term loans and the revolver into the 2025 Refinancing Loans, locking in new contractual terms. The stated amortization schedule and interest spread define future cash interest and principal obligations. Availability of voluntary prepayments without premium (subject to limited repricing exceptions) offers operational flexibility. The exhibit filing should be reviewed for covenants, collateral, and any changes to financial maintenance requirements, which are not detailed in this summary.
Surgery Partners, Inc. ha sottoscritto il 13 agosto 2025 una Seconda Modifica al proprio accordo di credito che ristruttura le linee di debito esistenti. La modifica prevede una nuova tranche di finanziamenti a termine per un totale di $1,383 million, che rifinanzia integralmente i precedenti prestiti a termine e rinnova anche le linee di credito revolving e i prestiti revolving in essere.
I 2025 Refinancing Term Loans scadono il 19 dicembre 2030 e i prestiti revolving rifinanziati scadono il 19 dicembre 2028. Gli interessi maturano a Term SOFR + 2,50% oppure a un tasso base alternativo maggiorato di 1,50%. I prestiti a termine sono ammortizzati in uguali rate trimestrali dello 0,25% del capitale originario, a partire dal trimestre che termina il 30 settembre 2025. I rimborsi volontari anticipati sono consentiti senza penali, fatta eccezione per un premio di richiamo del 1,00% per alcuni eventi di riprezzamento entro sei mesi. L'intera modifica è depositata come Exhibit 10.1.
Surgery Partners, Inc. celebró una Segunda Enmienda a su acuerdo de crédito el 13 de agosto de 2025 que reestructura sus facilidades de deuda existentes. La enmienda contempla una nueva tranche de préstamos a plazo por un total de $1,383 million que refinancia en su totalidad los préstamos a plazo previos y también refinancia las líneas de crédito revolvente y los préstamos revolventes pendientes.
Los 2025 Refinancing Term Loans vencen el 19 de diciembre de 2030 y los préstamos revolventes refinanciados vencen el 19 de diciembre de 2028. Los intereses se devengarán a Term SOFR + 2,50% o a una tasa base alternativa más 1,50%. Los préstamos a plazo se amortizan en cuotas trimestrales iguales del 0,25% del principal original a partir del trimestre que termina el 30 de septiembre de 2025. Los pagos anticipados voluntarios están permitidos sin penalización, salvo una prima de rescate del 1,00% por ciertos eventos de repricing dentro de los seis meses. La enmienda completa se presenta como Exhibit 10.1.
Surgery Partners, Inc.는 2025년 8월 13일 기존 채무 구조를 재편하는 신용계약 제2차 수정계약을 체결했습니다. 이 수정계약은 총액 $1,383 million의 새로운 만기 대출 트랜치를 제공하여 기존 만기 대출을 전액 재융자하고, 기존의 리볼빙 신용 약정 및 미지급 리볼빙 대출도 재융자합니다.
2025 리파이낸싱 만기 대출의 만기는 2030년 12월 19일이며, 재융자된 리볼빙 대출의 만기는 2028년 12월 19일입니다. 이자율은 Term SOFR + 2.50% 또는 대체 기준금리에 1.50%를 가산한 비율 중 하나로 계산됩니다. 만기 대출은 원금의 0.25%를 균등한 분기별 상환으로 상각하며, 상환은 2025년 9월 30일로 종료되는 분기부터 시작됩니다. 자발적 조기상환은 벌금 없이 허용되지만, 특정 재가격 이벤트 발생 후 6개월 이내에는 1.00%의 콜 프리미엄이 적용됩니다. 전체 수정계약은 Exhibit 10.1로 제출되어 있습니다.
Surgery Partners, Inc. a conclu le 13 août 2025 une deuxième modification de son accord de crédit (Second Amendment) qui restructure ses facilités d'endettement existantes. L'amendement prévoit une nouvelle tranche de prêts à terme totalisant $1,383 million, qui refinance intégralement les prêts à terme antérieurs et refinance également les lignes de crédit renouvelables et les prêts renouvelables en cours.
Les 2025 Refinancing Term Loans arrivent à échéance le 19 décembre 2030 et les prêts renouvelables refinancés arrivent à échéance le 19 décembre 2028. Les intérêts courent soit à Term SOFR + 2,50%, soit à un taux de base alternatif majoré de 1,50%. Les prêts à terme s'amortissent par versements trimestriels égaux de 0,25% du capital initial, à compter du trimestre se terminant le 30 septembre 2025. Les remboursements anticipés volontaires sont autorisés sans pénalité, sauf une prime de rappel de 1,00% pour certains événements de re-pricing dans les six mois. L'amendement complet est déposé en tant qu'Exhibit 10.1.
Surgery Partners, Inc. hat am 13. August 2025 eine zweite Änderung seines Kreditvertrags (Second Amendment) abgeschlossen, die seine bestehenden Verbindlichkeiten umstrukturiert. Die Änderung sieht eine neue Tranche von Term Loans in Höhe von insgesamt $1,383 million vor, die die vorherigen Term Loans vollständig refinanziert und zugleich die bestehenden revolvierenden Kreditlinien und ausstehenden revolvierenden Darlehen refinanziert.
Die 2025 Refinancing Term Loans laufen am 19. Dezember 2030 fällig, die refinanzierten revolvierenden Darlehen am 19. Dezember 2028. Die Zinsen werden entweder mit Term SOFR + 2,50% oder einem alternativen Basiszinssatz zuzüglich 1,50% berechnet. Die Term Loans werden in gleichen vierteljährlichen Tilgungsraten von jeweils 0,25% des ursprünglichen Kapitals amortisiert, beginnend mit dem Quartal, das am 30. September 2025 endet. Freiwillige Vorzahlungen sind ohne Strafe zulässig, mit Ausnahme einer Rückkaufprämie von 1,00% bei bestimmten Repricing‑Ereignissen innerhalb von sechs Monaten. Die vollständige Änderung ist als Exhibit 10.1 eingereicht.
FAQ
What did Surgery Partners (SGRY) announce in this Form 8-K?
How large are the 2025 Refinancing Term Loans and when do they mature?
What are the maturity dates for the refinanced revolving loans?
What interest rates apply to the 2025 Refinancing Loans?
When do amortization payments start and how large are they?
Are prepayments allowed under the amendment?
