| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers K > Headlines for Kindred At Home Hospice > News item |
Kindred At Home lifts term B to $1.6 billion, cancels term loan A
By Sara Rosenberg
New York, Aug. 2 – Kindred At Home Hospice upsized its 5½-year first-lien term loan B (B2/B) to $1.6 billion from $1.2 billion and eliminated plans for a $400 million five-year term loan A, according to a market source.
Also, the original issue discount on the first-lien term loan B firmed at 93, the tight end of the 92 to 93 talk, the source said.
In addition, the company tightened the original issue discount on its $450 million six-year second-lien term loan (Caa2/CCC+) to 93 from talk in the range of 91 to 92.
Pricing on the first-lien term loan B remained at SOFR plus 525 basis points with a 0.5% floor, and the debt still has 101 soft call protection for six months and amortization of 1% per annum.
As before, the second-lien term loan is priced at SOFR plus 825 bps with a 0.5% floor and has hard call protection of 102 in year one and 101 in year two.
Goldman Sachs Bank USA, Barclays, Deutsche Bank Securities Inc., UBS Investment Bank, BNP Paribas Securities Corp., Citizens, Mizuho, RBC Capital Markets, Truist and Wells Fargo Securities LLC are the leads on the deal, with Goldman the left lead on the first-lien term loan and Barclays the left lead on the second-lien term loan.
Recommitments are due at 11 a.m. ET on Wednesday, with allocations expected thereafter, the source added.
Proceeds will be used to help fund the acquisition of a 60% interest in the company by Clayton, Dubilier & Rice from Humana Inc. for about $2.8 billion. Humana will retain a 40% stake in the company.
Closing is expected this quarter, subject to customary state and federal regulatory approvals.
Kindred At Home Hospice is a provider of home-based personal care and hospice services.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.