Kindred obtains $300 million revolver

New York, June 28 - Kindred Healthcare Inc. said it obtained a new $300 million five-year revolving credit facility to replace its existing credit agreements.

J.P. Morgan Securities Inc. was lead arranger and bookrunner.

Interest on the new loan is at Libor pus 200 to 275 basis points depending on the company's leverage ratio.

Kindred said the new rate is about 200 basis points less than under the old facility, which was completely repaid.

The new facility is collateralized by substantially all of the company's assets including certain owned real property and is guaranteed by substantially all of the company's subsidiaries.

Kindred, a Louisville, Ky., operator of hospitals, nursing centers, institutional pharmacies and a contract rehabilitation services business, will use proceeds for general corporate purposes and acquisitions. Up to $150 million of acquisitions and investments in healthcare facilities and companies is permitted under the loan.

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