Surgery Partners executives have borrowed another $120 million from their bank group as they look to ride out the suspension of elective surgeries during COVID-19.
Brentwood-based Surgery Partners earlier this month said its centers were running at 20 percent or less of their capacity and detailed cost cuts as well as various sources of federal aid. This week, the company and a group of lenders by Jefferies Finance agreed to amend Surgery Partners’ 2017 credit agreement with a term loan that will carry an interest rate of LIBOR plus 8 percent or a similar arrangement.
Shares of Surgery Partners (Ticker: SGRY) were changing hands Friday midday at about $9.70, down 1.5 percent on the day. Since the end of 2019, they have lost about 40 percent of their value.
Shares of Tractor Supply were up more than 4 percent Friday after a trio of analysts lifted their price targets on the heels of the company’s first-quarter earnings report.
Of the three, Peter Benedict at Baird has pushed his price target for Brentwood-based Tractor the highest. He now sees the stock climbing to $115 from $105. Also boosting his target by $10 to $110 is Brian Nagel at Oppenheimer. Over at Nomura, meanwhile, Michael Baker has upped his target to $95 from $90.
Around noon Friday, Tractor Supply (Ticker: TSCO) was trading at $99.43, up 4.6 percent on the day. Year to date, they are up about 7 percent.