DaVita Inc. (NYSE: DVA) ("DaVita" or the "Company") announced today that it intends to offer, subject to market and other conditions, $1.45 billion principal amount of senior notes (the "Senior Notes").
DaVita intends to use all of the net proceeds from the offering, together with a portion of the proceeds from initial borrowings under new senior secured credit facilities, to purchase or redeem its outstanding 6 5/8% Senior Notes due 2013 and 7 1/4% Senior Subordinated Notes due 2015 (the "Outstanding Notes") and to pay related transaction fees and expenses. Concurrently with this offering, DaVita has commenced cash tender offers to purchase the Outstanding Notes. The offering is not conditioned upon the consummation of the tender offers for the Outstanding Notes. The closing of the offering is conditioned on, among other things, the closing of the new senior secured credit facilities.
The Senior Notes are being offered pursuant to an effective registration statement filed with the Securities and Exchange Commission. Banc of America Securities LLC, J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Barclays Capital Inc., Goldman, Sachs & Co. and Wells Fargo Securities, LLC are acting as joint book-running managers for the offering. Credit Agricole Securities (USA) Inc., RBC Capital Markets Corporation, Scotia Capital (USA) Inc. and SunTrust Robinson Humphrey, Inc. are acting as co-managers for the offering.