DaVita HealthCare begins tender offer for 6 3/8% notes due 2018

By Marisa Wong

Madison, Wis., June 4 - DaVita HealthCare Partners Inc. said it has begun a cash tender offer for any and all of its $775 million outstanding 6 3/8% senior notes due 2018.

The company is also soliciting consents from holders of the notes to eliminate substantially all of the restrictive covenants and some events of default from the indenture governing the notes.

In order to receive the total consideration, holders must tender their notes and deliver their consents by 5 p.m. ET on June 17, the consent payment deadline. The total consideration for each $1,000 principal amount of notes is $1,051.25, which includes a $30.00 consent payment.

Holders who tender notes after the consent payment deadline will receive the tender offer consideration of $1,021.25 per $1,000 of notes, which is the total consideration less the consent payment.

The company said it will also pay accrued interest.

The tender offer will expire at midnight ET at the end of July 1.

Tendered notes may not be withdrawn after the earlier of 5 p.m. ET on June 17 or the date and time the company executes an amendment to the indenture.

The offer is subject to a financing condition.

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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