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JPMorgan Chase Agents Kindred Healthcare’s Credit Facility Amendments

June 15, 2016, 07:28 AM
Filed Under: Healthcare

Kindred Healthcare, Inc. announced that it has closed its previously announced incremental $200 million term loan, the net proceeds of which were used to repay outstanding borrowings under the Company’s $900 million senior secured asset-based revolving credit facility (the “ABL Facility”). This incremental term loan has the same terms as, and is fungible with, the previously outstanding $1.18 billion of term loans under Kindred’s existing senior secured term loan credit facility (the “Term Loan Facility”).

In addition, Kindred announced that it has closed the previously announced amendments to the Term Loan Facility and the ABL Facility. The Term Loan Facility and the ABL Facility were each amended to allow for a broader range of joint venture activity, increase the Company’s financial flexibility and make other changes to better align the terms of these facilities with Kindred’s strategic plan.

J.P. Morgan Securities LLC acted as sole lead arranger and sole bookrunner for the transaction. JPMorgan Chase Bank, N.A. is the administrative agent and collateral agent for the ABL Facility and the Term Loan Facility, under which the incremental term loans were borrowed.

Kindred Healthcare, Inc., a top-90 private employer in the United States, is a FORTUNE 500 healthcare services company based in Louisville, Kentucky with annual revenues of approximately $7.2 billion.

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