Strange Tony,
Gentiva Hospice's debt has several tiers. Its first lien senior secured debt pays holders 10.1% annual interest, while the second lien senior secured debt pays 13.08%. Both are floating rate and mature in 2028.
This debt is far more expensive than prior issuances. Interest expenses are up by 50 to 80% from prior debt offerings. That means less money for staff or more important, patient care.
Humana and financial rapscallion Clayton, Dubilier and Rice issued Gentiva's debt via another corporate entity, Charlotte Buyer. It's address is 500 W. Main Street in downtown Louisville. Founder David Jones felt strongly about Louisville and built Humana's distinctive headquarters building in 1980's at that very address.
WDRB reported
Humana, the only Fortune 500 company headquartered in Kentucky, plans to vacate its iconic, 27-story headquarters building at 500 W. Main St. in a cost-cutting move, leaving a massive structure to fill in a downtown already struggling with a glut of empty office space.
As WDRB documented in 2022, many of Humana's top executives are based in a newer office outside Washington. And for the first time in company history, the CEO's job no longer requires living in Louisville.
It turns out Humana CEO Bruce Broussard was playing a confidential switch game, leaving Louisville for Washington, D.C., the center of power and influence. Consider this report:
About the same time the Broussards sold their Louisville condo, Humana finished work on a new "trophy" office space for "executive leadership" in a high-rise building in the Rosslyn neighborhood of Arlington, Virginia, just across the Potomac River from the nation's capital.In May 2019, a trust in the name of Broussard's wife, Janine, purchased a $4.4 million home in the ritzy Kalorama neighborhood of Washington, where former President Barack Obama, Ivanka Trump and Jared Kushner, and Amazon CEO Jeff Bezos have had homes, according to public real estate records.
Humana's one-floor office in the Washington area represents a tiny fraction of its presence in Louisville, and no one close to the company knew of any plan to move its headquarters.
Humana made $1.3 billion in profit from flipping our hospice numerous times. Those funds may have gone to Broussard's trophy office.
Broussard is Chair of the Trust for the National Mall and Humana sponsored pickleball there in Fall 2023. One doesn't get that opportunity from Louisville.
Douglas Edwards, Humana's senior vice president for enterprise associate and business solutions, and his wife sold their Louisville home in July and moved to Charlotte, North Carolina in summer 2022. Is that the event that inspired the name "Charlotte Buyer?"
Only the executives know.
Anonymous
Humana, as the operator of Kindred Hospice, slashed staff, cut overtime pay and eliminated three paid holidays. I hold Bruce Broussard responsible for decimating our once great hospice. It's sad that people who cause so much harm pay no, as in zero, consequences in this life. He, like all of us, will face our Lord and account for his actions on this earthly plane.
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