Jeff and his team served as exclusive financial advisor to Covenant Surgical Partners in a $130 million senior secured notes offering. Covenant Surgical Partners is an owner/operator of ambulatory surgery centers (“ASC”) that was seeking growth through acquisitions and a facility that would provide ample liquidity and operating runway (no covenants) to effectuate acquisition of small ASC’s.
Marketing EBITDA included pro forma impact from acquisitions and new services completed within the past 12 months ($8.8 million of reported EBITDA, $20 million of Adjusted EBITDA). High Yield market provided capital at close for nearly two years of planned acquisitions, in addition to an undrawn revolver for working capital and future growth, ability for tack-ons to provide financing for future acquisitions, and a custom indenture allowing for expansion of the revolver alongside growth in EBITDA.
Note: This work was performed prior to joining Stout.