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DaVita To Sell $1.45 Billion Of Notes To Fund Debt-Refinance Plan

DOW JONES NEWSWIRES DaVita Inc. (DVA) plans to sell $1.45 billion of notes to fund the potential repurchase of up to $1.55 billion of debt as the operator of dialysis centers joins a host of companies looking to retire near-term borrowings with longer-data, and hopefully cheaper, debt. The length of the notes to be sold wasn't disclosed in a statement. In the tender offer are $700 million of 6 5/8% notes maturing in 2013 and $850 million of 7 1/4% notes due 2015. The company is offering 1.9% and 3.9% above face value, respectively, including an early tender premium. Sale of the new notes is contingent on closing new credit lines. DaVita last week announced a $3.35 billion debt-refinancing plan that besides the $1.55 billion of notes includes $1.8 billion of borrowings under senior credit lines. DaVita has seen earnings grow in recent quarters amid increasing demand. Last month, uncertainty that had jostled its share price for months was lifted as effects of a shift in Medicare and Medicaid reimbursement were clarified. The company's commentary on the changes was cautiously upbeat, according to an analyst. Shares closed at $69.03 Thursday and didn't trade premarket. Thos stock has risen 18% this year. -By Jodi Xu, Dow Jones Newswires; 212-416-3037;

Stock News for Davita (DVA)
10/02/201519:55:22Statement of Changes in Beneficial Ownership (4)
10/02/201519:54:54Statement of Changes in Beneficial Ownership (4)
10/02/201519:54:25Statement of Changes in Beneficial Ownership (4)
10/02/201519:54:02Statement of Changes in Beneficial Ownership (4)
10/02/201519:53:32Statement of Changes in Beneficial Ownership (4)
10/02/201519:53:07Statement of Changes in Beneficial Ownership (4)
10/02/201519:52:36Statement of Changes in Beneficial Ownership (4)
10/02/201519:52:10Statement of Changes in Beneficial Ownership (4)
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08/26/201514:49:00Dinesh Kumar Named Senior VP of Clinical Transformation at DaVita...
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