Tag Archives: kindred

Kindred To Divest Knowledgeable Nursing Center Service

Making great on its choice last winter to get out of the skilled nursing center company, Louisville-based Kindred Health care Inc. (NYSE: KND)signed a definitive agreement with affiliates of BlueMountain Capital Management to sell that service for $700 million in money.

The sale consists of the realty or operation of 89 nursing centers with 11,308 licensed beds and seven helped living facilities with 380 licensed beds, which collectively have 11,500 workers in 18 states.

BlueMountain Capital is an alternative property manager based in New York and London with $22 billion of assets under management.

As previously disclosed, 36 of the proficient nursing centers are currently leased from Ventas, Inc. (NYSE: VTR), and Kindred has an alternative to acquire the homes from Ventas for aggregate factor to consider of $700 million.

As part of the sale to BlueMountain, Kindred will pay Ventas the allocable portion of the $700 million purchase price and Ventas will communicate the real estate to BlueMountain.

“Exiting the skilled nursing center business, in its totality, has been a long-stated goal of our business,” said Benjamin A. Breier, CEO of Kindred. “After more than 20 years of nursing center operations, this announcement clears the way to closing that chapter of Kindred’s story, and turning the page to the future of integrated post-acute care.”

Ventas Chairman Debra A. Cafaro said following the sale that lease from experienced nursing facilities will be only 1% of its total organisation.

Kindred anticipates that the combination of the cash earnings, prepared for working capital liquidation, tax benefits, kept properties and other items will result in approximate overall worth to Kindred of $910 million.

Exiting the proficient nursing center organisation is anticipated to increase Kindred’s annual capital by $20 million to $30 million, in part from a reduction of its annual rent responsibilities by $88 million, Stephen D. Farber, CFO of Kindred, stated.

The transaction is subject to popular conditions to closing. Kindred expects that the closings will happen in phases and that all of the closings will be finished by year end.

Guggenheim Securities is functioning as monetary consultant to Kindred. Polsinelli PC is functioning as legal consultant and Cleary Gottlieb Steen & & Hamilton LLP is serving as unique counsel to Kindred.

Biden casts himself as Obama'' s kindred spirit

Tuesday, Oct. 20, 2015|8:20 a.m.

WASHINGTON– Vice President Joe Biden is casting himself as an effective voice on the world stage and someone who is in lock-step with President Barack Obama.

He’s also drawing implicit contrasts with previous Secretary of State Hillary Rodham Clinton.

Biden says at a forum honoring previous Vice President Walter Mondale that he and Obama have actually had no ideological disagreements whatsoever. He says he spends in between four and seven hours a day with Obama and that they rely on each other immensely.

Biden says the Obama administration has actually had two terrific secretaries of state, but that when he talks to foreign leaders, they understand he’s promoting Obama.

He states a minimum of half of Obama’s personnel made use of to work for him.

The vice president is considering challenging Clinton for the Democratic presidential nomination.