Summary by Futu AI
DaVita Inc. announced on August 8, 2024, the commencement of a private offering of $1.0 billion aggregate principal amount of senior notes due 2032, subject to market conditions. The company intends to use the net proceeds to repay a portion of its outstanding Term Loan B-1 facility and revolving credit facility borrowings, pay related costs, and for general corporate purposes.Concurrently, DaVita expects to establish an incremental tranche of senior secured term "A" loans of approximately $1.0 billion. The combined proceeds from the notes offering and the incremental term loan will be used to repay all outstanding Term Loan B-1 facility borrowings maturing in 2026 and all revolving credit facility borrowings, along with related interest.The 2032 notes are being offered only to qualified institutional buyers and certain non-U.S. persons in compliance with applicable regulations. The offer and sale of the notes have not been registered under the Securities Act and may not be offered or sold in the United States without registration or an applicable exemption.