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Kindred seeks to amend 6 3/8% notes to align with new 8%, 8¾% notes
New York, Jan. 15 – Kindred Healthcare, Inc. announced a consent solicitation to amend its $500 million of 6 3/8% senior notes due 2022 so that the indenture is aligned with those for the recently issued 8% senior notes due 2020 and 8¾% senior notes due 2023.
The company’s subsidiary, Kindred Escrow Corp. II, priced the new notes on Dec. 11 as part of the financing for the planned acquisition of Gentiva Health Services, Inc.
Under the proposed amendments, the covenants, definitions and other terms in the indenture for the 6 3/8% notes would be revised.
Holders who deliver consents will receive a fee of $2.50 per $1,000 principal amount.
The solicitation expires at 5 p.m. ET on Jan. 27.
Kindred needs approval from holders of a majority of the notes to make the changes.
Citigroup Global Markets Inc. is solicitation agent (800 558-3745 or 212 723-6106). Global Bondholder Services Corp. is information and tabulation agent (866 470-4200 or 212 430-3774).
Kindred is a Louisville, Ky., provider of health care services through transitional care hospitals, inpatient rehabilitation hospitals, nursing centers, sub-acute units, hospices, home health and non-medical home care locations, inpatient rehabilitation units and a contract rehabilitation services business.
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