Kindred Healthcare launches $200 million add-on term loan at 99 OID

By Sara Rosenberg

New York, June 1 – Kindred Healthcare Inc. was scheduled to hold a lender call at 3 p.m. ET on Wednesday to launch a $200 million add-on term loan talked at Libor plus 325 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.

The loan has 101 soft call protection for six months, the source said.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to pay down ABL revolving credit facility borrowings.

Furthermore, the company is seeking an amendment to its existing credit agreement and lenders are being offered a 25 bps consent fee, the source added.

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

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