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TPG-Owned Surgical Care Affiliates Files for $100 Million IPO

Sept. 5 (Bloomberg) -- Surgical Care Affiliates Inc., an operator of surgery centers backed by TPG Capital, filed for a U.S. initial public offering, seeking as much as $100 million.

Surgical Care, a division of hospital chain HealthSouth Corp. until TPG acquired it in 2007 for about $945 million, announced its plan in a regulatory filing today, without saying how many shares it will offer or at what price. The offering size is a placeholder amount used to calculate registration fees and may change.

Proceeds of the offering will be used to redeem debt, and for general corporate purposes, according to the filing. JPMorgan Chase & Co. and Citigroup Inc. are among banks managing the sale.

Surgical Care operates 167 ambulatory surgery centers, five surgical hospitals and one sleep center with 11 locations. The company reported revenue of $388 million for the six months through June, up from about $370 million in the year earlier, according to the filing.

Birmingham, Alabama-based HealthSouth sold the company, then its surgery division, to TPG for $920 million in cash and an equity stake valued at $25 million at the time.

To contact the reporter on this story: Mohammed Hadi in Hong Kong at mhadi1@bloomberg.net

To contact the editor responsible for this story: Jeffrey McCracken at jmccracken3@bloomberg.net

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