Kindred wraps amendment, revising revolver maturity and accordion

By Sara Rosenberg

New York, Aug. 21 - Kindred Healthcare Inc. completed the amendment to its $750 million senior secured asset-based revolving credit facility and $785.5 million senior secured term loan, according to a news release.

The amendment extended the revolver maturity by two years to June 2018, refreshed the accordion feature under the tranches by $250 million and provides for further increases in borrowings subject to satisfaction of a secured leverage ratio.

In addition, the amendment eliminated the annual and cumulative limitations on acquisitions, raised the limit to $150 million on cash dividends, stock buybacks and other restricted payments, and eased restrictions on investments and joint venture arrangements.

J.P. Morgan Securities LLC led the amendment.

Kindred Healthcare is a Louisville, Ky.-based health care services company.

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