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Wells Fargo Agents $5.5B Credit Facility for DAVITA

August 19, 2019, 08:55 AM
Filed Under: Healthcare
Related: Wells Fargo Bank

DAVITA INC., a Fortune 500 health care provider focused on transforming care delivery to improve quality of life for patients around the globe and the largest provider of kidney care services in the U.S., announced today that it has entered into a new $5.5 billion senior secured credit agreement, dated as of August 12, 2019, with the guarantors party thereto, the several banks and other financial institutions or entities party thereto, and Wells Fargo Bank, National Association, as administrative and collateral agent.

The New Credit Agreement consists of a five-year secured revolving loan facility in an aggregate amount of $1.0 billion, a five-year secured term loan A facility with a delayed draw feature in an aggregate amount of $1.75 billion and a seven-year secured term loan B facility in an aggregate amount of $2.75 billion. A portion of the proceeds from borrowings made under the New Credit Agreement was used to repay all borrowings outstanding under the Company's prior credit agreement.

By entering into the New Credit Agreement, the Company satisfied the financing condition to the closing of its modified "Dutch auction" tender offer for up to $1.2 billion of its common stock at a price per share not less than $53.50 and not more than $61.50.

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