Moody's gives Kindred notes B3

Moody's Investors Service said it assigned a B3 (LGD 5, 84%) rating to Kindred Healthcare, Inc.'s proposed offering of up to $500 million of senior unsecured notes due 2022.

The existing ratings of Kindred, including the B1 corporate family rating and B1-PD probability of default rating are unchanged.

The stable outlook is also unchanged.

Proceeds from the bonds, along with a new $750 million ABL revolving credit facility (not rated by Moody's) and senior secured term loan, will be used to refinance the company's existing capital structure.

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