Surgery Partners, Inc Announces Second Quarter 2021 Results apnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from apnews.com Daily Mail and Mail on Sunday newspapers.
Operator
Greetings, welcome to Surgery Partners, Inc. First Quarter 2021 Earnings Call. [Operator Instructions] Please note, this conference call is being recorded.
I will now turn the conference over to your host, Tom Cowhey, CFO. Thank you. You may begin.
Tom Cowhey
Executive Vice President and Chief Financial Officer
Good morning and welcome to Surgery Partners first quarter 2021 earnings call. This is Tom Cowhey, Chief Financial Officer. Joining me today are Wayne DeVeydt, Surgery Partners Executive Chairman; and Eric Evans, Surgery Partners Chief Executive Officer.
As a reminder, during this call we will make forward-looking statements. Risk factors that may impact those statements and could cause actual future results to differ materially from currently projected results are described in this morning s press release and the reports we file with the SEC. The company does not undertake any duty to update such forward-looking statements.
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
Operator
Greetings and welcome to Surgery Partners Fourth Quarter and Year End 2020 Earnings Conference Call. [Operator Instructions] It is now my pleasure to introduce your host, Tom Cowhey, Chief Financial Officer. Thank you, sir. You may begin.
Tom Cowhey
Executive Vice President and Chief Financial Officer
Good morning and welcome to Surgery Partners fourth quarter and year-end 2020 earnings call. This is Tom Cowhey, Chief Financial Officer. Joining me today are Wayne DeVeydt, Surgery Partners Executive Chairman; and Eric Evans, Surgery Partners Chief Executive Officer.
As a reminder, during this call, we will make forward-looking statements. Risk factors that may impact those statements and could cause actual future results to differ materially from currently projected results are described in this morning s press release and the reports we file with the SEC. The Company does not undertake any duty to update such forward-looking statements.