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DaVita HealthCare gets needed consents to amend 6 3/8% notes due 2018
By Susanna Moon
Chicago, June 18 – DaVita HealthCare Partners Inc. said it received consents from holders of a majority of its $775 million outstanding 6 3/8% senior notes due 2018 and executed a supplemental notes indenture.
Holders had tendered $483 million of the notes by 5 p.m. ET on June 17, the consent payment date, with settlement set for June 24, according to a company press release.
The supplemental indenture will become operative when the early tendered notes are settled.
As previously announced, the company is soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants and some events of default.
The total purchase price is $1,051.25, including a $30.00 consent payment, for each $1,000 principal amount of notes tendered by the early tender date.
Holders who tender notes after the consent deadline will receive the tender offer payment of $1,021.25 per $1,000 of notes, which is the total amount less the consent payment.
The company said it will also pay accrued interest.
The tender offer will continue until midnight ET at the end of July 1. The offer began on June 4.
Tendered notes may no longer be withdrawn as of the early tender date.
The offer is subject to a financing condition.
DaVita priced $1.75 billion of 5 1/8% 10-year senior notes at par to yield 5.124% on June 10, as previously reported by Prospect News.
Wells Fargo Securities, LLC (866 309-6316 and 704 410-4760 collect) and Barclays (800 438-3242 and 212 528-7581 collect) are the dealer managers and solicitation agents. D.F. King & Co., Inc. (212 269-5550 for banks and brokers or 800 967-4607 or davita@dfking.com) is the information agent.
DaVita is a kidney care company based in Denver.
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