July 29, 2014 1:55 AM ET

Healthcare Providers and Services

Company Overview of DaVita HealthCare Partners Inc.

Company Overview

DaVita HealthCare Partners Inc. provides kidney dialysis services for patients suffering from chronic kidney failure or end stage renal disease. It operates kidney dialysis centers and provides related lab services primarily in outpatient dialysis centers and in contracted hospitals. The company offers outpatient, hospital inpatient, and home-based hemodialysis services; owns clinical laboratories that provide routine laboratory tests for dialysis and other physician-prescribed laboratory tests for ESRD patients; and management and administrative services to outpatient dialysis centers. In addition, the company offers DaVita Rx, a pharmacy that provides oral medications to patients with ESRD...

2000 16th Street

Denver, CO 80202

United States

Founded in 1994

57,400 Employees

Phone:

303-405-2100

Key Executives for DaVita HealthCare Partners Inc.

Co-Chairman and Chief Executive Officer
Age: 58
Total Annual Compensation: $1.1M
Chief Financial Officer
Age: 50
Total Annual Compensation: $213.6K
Chief Executive Officer of Kidney Care Division
Age: 43
Total Annual Compensation: $765.4K
Chief Accounting Officer
Age: 52
Total Annual Compensation: $650.0K
Chief Legal Officer
Age: 45
Total Annual Compensation: $650.0K
Compensation as of Fiscal Year 2013.

DaVita HealthCare Partners Inc. Key Developments

Craig Samitt Steps Down from HealthCare Partners President and CEO, Effective August 1, 2014

DaVita HealthCare Partners Inc. announced that HealthCare Partners (HCP) president and CEO Dr. Craig Samitt is stepping down from HCP effective August 1, 2014. Kent Thiry, co-chairman and CEO of DaVita HealthCare Partners, will take over the role of CEO of HCP, working in tandem with the Office of Chief Medical Officer.

Davita Kidney Care Appoints Martin Schreiber as Vice President of Clinical Affairs for Home Modalities

DaVita Kidney Care announced that the company has named Martin Schreiber, M.D., as its new vice president of clinical affairs for home modalities. With nearly 40 years of experience in nephrology, Dr. Schreiber has worked primarily with Cleveland Clinic and held a number of key positions there, including chairman of the Department of Nephrology and Hypertension and the director of home dialysis.

Davita Healthcare Partners Inc. Provides Update on Credit Agreements

On June 24, 2014, DaVita HealthCare Partners Inc. entered into a new $5.5 billion senior secured credit agreement by and among the company, certain subsidiaries of the company as guarantors, the lenders signatory thereto, Barclays Bank PLC and Wells Fargo Bank, National Association as co-syndication agents, Bank of America, N.A., Credit Suisse AG, Goldman Sachs Bank USA, J.P. Morgan Chase Bank, N.A., Morgan Stanley Senior Funding Inc. and Suntrust Bank as co-documentation agents, and JPMorgan Chase Bank, N.A. as administrative agent and collateral agent. The senior secured credit agreement provides for a $1 billion senior secured revolving credit facility maturing in June 2019, a $1.0 billion senior secured term loan A repayable in quarterly installments commencing in September 2014 with a final maturity in June 2019, and a $3.5 billion senior secured term loan B facility repayable in quarterly installments commencing in September 2014 with a final maturity in June 2021. Loans made under the revolving facility and the term facilities will bear interest at a rate based on a London Interbank Offered Rate (LIBOR) rate (which will, with respect to the term loan B facility, be subject to a floor of 0.75%) or the prime rate, in each case plus a margin. For the revolving credit facility and the term loan A the margin is 1.75% over LIBOR and 0.75% over the Prime Rate, as the case may be. For the term loan B the margin is 2.75% over LIBOR and 1.75% over the prime rate, as the case may be. The margin for the revolving credit facility and the term loan A is subject to leverage-based adjustments. The senior secured credit agreement contains financial and operating covenants. The financial covenant is a maximum leverage ratio. Operating covenants include limitations on the company's ability to incur additional indebtedness, grant liens on assets, make significant asset dispositions and investments and pay dividends. All obligations under the senior secured credit agreement are, subject to certain exceptions, guaranteed by certain of the company's domestic subsidiaries and secured by substantially all of the tangible and intangible assets of the company and such guarantors. The company and its affiliates may from time to time engage certain of the lenders under the senior secured credit facility to provide other banking and financial services. In connection with entering into the new senior secured credit agreement, on June 24, 2014, the company terminated its existing credit agreement, dated as of October 20, 2010 (as amended, the prior credit agreement) among the company, the guarantors party thereto, and the lenders party thereto and related agreements and documents. As of March 31, 2014, the prior credit agreement consisted of a $350,000,000 revolving line of credit (none of which was outstanding), a $762,500,000 Term Loan A, a $1,265,625,000 Term Loan A-3, a $1,693,125,000 Term Loan B and a $1,629,375,000 Term Loan B-2. The Term Loan A and the Term Loan A-3 bore interest at LIBOR plus an interest rate margin of 2.50% for the Term Loan A and 2.25% for the Term Loan A-3, the Term Loan B bore interest at LIBOR plus a margin of 3.00%, and the Term Loan B-2 bore interest at LIBOR plus a margin of 3.00% (subject to a floor of 1.50% in the case of Term Loan B and a floor of 1.00% in the case of Term Loan B-2). A portion of the proceeds from the new senior secured credit agreement was used to repay in full all amounts outstanding under the prior credit agreement on the date of termination. The company and its affiliates may from time to time engage certain of the lenders under the prior credit agreement to provide other banking and financial services. As previously reported, on June 4, 2014, the company commenced a tender offer to purchase for cash any and all of its 6-3/8% Senior Notes due 2018. As of 5:00 p.m., New York City time, on June 23, 2014 approximately $483 million of the 2018 notes had been tendered pursuant to the tender offers. On June 24, 2014, the company delivered the applicable notices providing for the redemption on July 24, 2014 of all the 2018 notes not tendered pursuant to the tender offer. The redemption price for the 2018 notes will be 104.781% of the principal amount thereof, plus accrued and unpaid interest on the 2018 notes to, but not including, the redemption date.

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Recent Private Companies Transactions

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Date
Target
Merger/Acquisition
May 1, 2014
One Dialysis Center in the United States
Merger/Acquisition
April 23, 2014
Sinar Identiti Sdn. Bhd., Three Hemodialysis Centers
Merger/Acquisition
February 11, 2014
5 Dialysis Centers in United States
 

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