DaVita receives enough consents to amend 6 5/8%, 7¼% notes

New York, Oct. 15 - DaVita Inc. said it receive the necessary consents to amend its $700 million 6 5/8% senior notes due 2013 and $850 million 7¼% senior subordinated notes due 2015.

By the consent deadline of 5 p.m. ET on Oct. 15, holders had tendered $557,572,000 of the 6 5/8% notes and $730,377,000 of the 7¼% notes.

DaVita expects to buy tendered notes on Oct. 20.

Meanwhile the offers continue and will expire at 8 a.m. ET on Nov. 1.

The company announced on Oct. 1 that it had started cash tender offers for the notes and said it was also soliciting consents to amend the note indentures to eliminate substantially all of the restrictive covenants and certain events of default.

Holders will receive a total consideration of $1,019.06 per $1,000 principal amount of 6 5/8% notes and $1,038.75 per $1,000 of 7¼% notes if they tender their notes and deliver their consents by the consent payment deadline. The total consideration includes a consent payment of $30.00 per $1,000 of notes.

Holders who tender their notes after the consent payment deadline will receive the tender offer consideration of $989.06 per $1,000 of 6 5/8% notes and $1,008.75 per $1,000 of 7¼% notes, which is equal to the total consideration less the consent payment.

Tendered notes may not be withdrawn after the earlier of the consent payment deadline and the date and time the company and the trustee for the applicable indenture execute an amendment to the indenture.

Bank of America Merrill Lynch (888 292-0070 or 980 388-9217) and J.P. Morgan Securities LLC (800 245-8812 or 212 270-3994) are the dealer managers and solicitation agents for the offers. D. F. King & Co., Inc. (212 269-5550 or 800 487-4870) is the information agent.

DaVita is a Denver-based operator of dialysis centers.

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