Kindred's December Debt Offering

StrangeTony,

Kindred's SEC filing stated the company will float unsecured debt as part of its financing of its Gentiva purchase:

Kindred Healthcare, Inc. (“Kindred” or the “Company”) (NYSE:KND) today announced that it proposes to offer, subject to market and other conditions, $1.35 billion of senior unsecured notes (the “Notes”) to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to certain non-United States persons in offshore transactions. 

The actual terms of the Notes, including interest rate, principal amount and maturity, will be determined at the time of pricing. The Notes are expected initially to be issued by Kindred’s subsidiary, Kindred Escrow Corp. II.

Qualified institutional buyers, offshore transactions, Kindred Escrow Corp. II?  This is high finance, levered healthcare priced at premium levels, 8% and 8.75%. 

Kindred's debt is expected to be sold by December 18th, one week before Christmas.  It's nearly the shortest day of the year, the one with the least light.  It's fitting. 


Anonymous (from Gentiva)