SEC Filings

10-12G
AMSURG CORP filed this Form 10-12G on 03/11/1997
Entire Document
 
<PAGE>   91
 
                                  AMSURG CORP.
 
         NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
 
5.  LONG-TERM DEBT
 
     Long-term debt is comprised of the following:
 

<TABLE>
<CAPTION>
                                                                   DECEMBER 31,
                                                             -------------------------
                                                                1995          1996
                                                             ----------    -----------
<S>                                                          <C>           <C>
$12,000,000 credit agreement at prime or 1.75% above LIBOR
  (average rate of 7.3% at December 31, 1996) due through
  June 10, 2002............................................  $       --    $ 3,157,657
Term loan at prime or 1.75% above LIBOR (7.25% at December
  31, 1996) due through June 10, 2000......................   3,347,493      5,030,590
Other debt at an average rate of 8.5% due through September
  23, 2003.................................................   2,986,281      2,508,828
Capitalized lease arrangements at an average rate of 10.0%
  due through December 1, 2000.............................     690,274      1,137,920
                                                             ----------    -----------
                                                              7,024,048     11,834,995
Less current portion.......................................   2,238,496      2,616,714
                                                             ----------    -----------
                                                             $4,785,552    $ 9,218,281
                                                             ==========    ===========
</TABLE>

 
     On September 29, 1993, AmSurg entered into a credit agreement with a
lending institution. The credit agreement was amended and restated June 25,
1996. Under the terms of the new agreement, all borrowings outstanding under the
previous credit agreement were converted to a term loan that bears interest at
the prime rate or 1.75% above LIBOR or a combination thereof and is being repaid
on an installment basis through June 10, 2000. The borrowings under the term
loan are secured by $9,842,914 of assets financed by these borrowings.
Borrowings under the term loan totaled $5,030,590 at December 31, 1996 of which
payment of $497,449 was guaranteed by certain partners of AmSurg centers. In
addition, the credit agreement permits AmSurg to borrow up to an additional
$12,000,000 to finance AmSurg acquisition and development projects. New
borrowings under this agreement bear interest at prime or 1.75% above LIBOR or a
combination thereof. AmSurg may borrow under this credit agreement through June
10, 1998. The agreement provides for a fee of .35% on unused commitments and all
additional borrowings are to be repaid on an installment basis through June 10,
2002. The agreement contains covenants relating to the ratio of debt to net
worth, operating performance and minimum net worth and prohibits the payment of
dividends. Borrowings under the $12,000,000 credit agreement totaled $3,157,657
at December 31, 1996.
 
     Various of the AmSurg centers included in the Company's consolidated
financial statements have loans with local lending institutions or have
capitalized lease arrangements. All the loans and capitalized leases are secured
by assets of the centers totaling $4,810,796 and both AmSurg and the partners
have guaranteed payment of the loans and leases. In addition, AmSurg has
unsecured notes payable of $389,222 issued in connection with the acquisition of
two physician practice-based surgery centers during the years ended December 31,
1994 and 1995 (see Note 2).
 
     Principal payments required on long-term debt in the five years subsequent
to December 31, 1996 are $2,616,714, $2,824,276, $2,987,788, $1,855,064 and
$995,777.
 
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