Shares of Brentwood-based Surgery Partners were up 9 percent on Wednesday after the company announced the refinancing of a $120 million loan it sought last April to ride out the suspension of elective surgeries as COVID-19 spread.Â
Surgery Partners leaders are raising $125 million in incremental term loans to refinance the $119 million in debt
, a move that will save the company about $5 million in interest annually. The previous loan carried an interest rate of LIBOR plus 8 percent.Â
The transaction earned CEO Eric Evans and his team an upgrade from Moodyâs Investors Service, which also noted the companyâs improved liquidity and operating performance. Moody analysts are also optimistic of growth plans stemming from Surgery Partnerâs $260 million equity raise that was closed in February and that includes new service lines, buying robotic equipment and an expansion of the companyâs joint and cardiology programs.Â