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8-K - FORM 8-K - AMSURG CORP | g23659e8vk.htm |
EX-99.1 - EX-99.1 - AMSURG CORP | g23659exv99w1.htm |
EX-99.2 - EX-99.2 - AMSURG CORP | g23659exv99w2.htm |
Exhibit 99.3
FOR IMMEDIATE RELEASE
|
Contact: | Claire M. Gulmi Executive Vice President and Chief Financial Officer (615) 665-1283 |
AMSURG COMPLETES DEBT REFINANCING
SECURES 5-YEAR, $375 MILLION REVOLVING CREDIT FACILITY AND
10-YEAR $75 MILLION SENIOR NOTES
10-YEAR $75 MILLION SENIOR NOTES
NASHVILLE, Tenn. (June 1, 2010) AmSurg Corp. (NASDAQ: AMSG), today announced that it has
completed a new revolving credit facility that permits the Company to borrow up to $375 million and
matures in May 2015. In addition, the Company has also completed the private placement of $75
million in senior notes maturing in 2020, for which the Company will pay the counterparty a fixed
rate of 6.04% of the amount outstanding. The new revolving credit facility replaces the Companys
previous $300 million revolving credit facility, which was scheduled to mature in July 2011. At
the completion of the agreement, the Company had approximately $210 million outstanding under the
new revolving credit facility. Consistent with its previously announced financial guidance for
2010, AmSurg expects the refinancing will have a negative impact on 2010 results of approximately
$0.11 per diluted share.
Christopher A. Holden, President and Chief Executive Officer of AmSurg, remarked, We are
pleased to have completed this refinancing, which significantly expands our credit availability and
extends its maturity. We anticipate that our new facility and debt structure, along with our
substantial operating cash flow, will leave us well positioned to fund our acquisition strategy for
the foreseeable future.
SunTrust Robinson Humphrey acted as Left-lead Arranger and Bookrunner for the revolving credit
facility with Regions Capital Markets and Banc of America Securities serving as Joint Lead
Arrangers and Joint Bookrunners. The Company placed the senior notes with Prudential Capital
Group.
This press release contains forward-looking statements. These statements, which have been
included in reliance on the safe harbor provisions of the Private Securities Litigation Reform
Act of 1995, involve risks and uncertainties. Investors are hereby cautioned that these statements
may be affected by the important factors, among others, set forth in AmSurgs Annual Report on Form
10-K for the fiscal year ended December 31, 2009, and other filings with the Securities and
Exchange Commission, including the following risks: adverse impacts on the Companys business
associated with current and future economic conditions; the risk that payments from third-party
payors, including government healthcare programs, may decrease or not increase as the Companys
costs increase; adverse developments affecting the medical practices of the Companys physician
partners; the Companys ability to maintain favorable relations with its physician partners; the
Companys ability to acquire and develop additional surgery centers on favorable terms; the
Companys ability to grow revenues by increasing procedure volume while maintaining its operating
margins and profitability at its existing
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AMSG Completes Debt Refinancing
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June 1, 2010
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June 1, 2010
centers; the Companys ability to manage the growth in its business; the Companys ability to
obtain sufficient capital resources to complete acquisitions and develop new surgery centers; the
Companys ability to compete for physician partners, managed care contracts, patients and strategic
relationships; adverse weather and other factors that may affect the Companys surgery centers; the
Companys failure to comply with applicable laws and regulations; the risk of changes in
legislation, regulations or regulatory interpretations that may negatively affect the Company; the
risk of becoming subject to federal and state investigation; the risk of regulatory changes that
may obligate the Company to buy out interests of physicians who are minority owners of its surgery
centers; potential liabilities associated with the Companys status as a general partner of limited
partnerships; liabilities for claims brought against our facilities; the Companys legal
responsibility to minority owners of its surgery centers, which may conflict with its interests and
prevent it from acting solely in its best interests; risks associated with the potential write-off
of the impaired portion of intangible assets; and potential liability relating to the tax
deductibility of goodwill. Consequently, actual results, performance or developments may differ
materially from the forward-looking statements included above. AmSurg disclaims any intent or
obligation to update these forward-looking statements.
AmSurg Corp. acquires, develops and operates ambulatory surgery centers in partnership with
physician practice groups throughout the United States. At March 31, 2010, AmSurg owned a majority
interest in 203 continuing centers in operation and had one center under development.
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