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Healthcare Business News
 
Kindred CEO Paul Diaz
Diaz

Kindred boosts credit access by $200 million


By Beth Kutscher
Posted: October 5, 2012 - 2:15 pm ET
Tags:

Kindred Healthcare, Louisville, Ky., has increased its available credit by $200 million (PDF) in order to pursue business expansion opportunities.

“We believe that this additional credit capacity along with our ability to generate strong free cash flows provides us with a great opportunity to accelerate our cluster market strategy, further invest in our home health and hospice operations and expand our higher margin businesses,” Kindred CEO Paul Diaz said in a news release.

The post-acute-care company completed amendments to two of its existing credit lines, increasing its borrowing ability by $100 million under its term loan and revolving credit facilities.

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Kindred also modified the borrowing base under its revolving credit line, which allows it to more easily access the full $450 million available under the facility.

Post-acute-care companies have been active dealmakers, using acquisitions to counteract reimbursement pressures and payment changes. Kindred in August signed a $71 million deal to acquire IntegraCare Holdings, a home health and hospice company in Grapevine, Texas.


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