Day: June 9, 2016

From Kindred, ‘fungible’ is our word for the day, and we’ll now use it in many conversations

Kindred headquarters
Company headquarters at Fourth and Broadway.

The healthcare giant just issued the following press release:

Kindred announced today it completed syndication and pricing of an incremental $200-million term loan, the proceeds of which will be used to repay outstanding borrowings under the company’s existing $900-million senior secured asset-based revolving credit facility (the “ABL Facility”). This borrowing will have the same terms as, and will be fungible with, the outstanding $1.18 billion of term loans under Kindred’s existing senior secured term loan credit facility (the “Term Loan Facility”). The incremental term loan will be issued at 99.05% of par.

In connection with the incremental term loan, the company also received consent from the required lenders under the Term Loan Facility and the ABL Facility to amend various provisions of those credit facilities, including to allow for a broader range of joint venture activity, increase the company’s financial flexibility and make other changes to better align the terms of these borrowings with Kindred’s strategic plan.

Kindred has retained J.P. Morgan Securities to act as sole lead arranger and sole bookrunner for the incremental term loan. JPMorgan Chase Bank is the administrative agent and collateral agent for the Term Loan Facility, under which the incremental term loan will be borrowed.

Related: investor relations, where you’ll find more press releases, plus SEC documents.

Got another head-spinning word? Please post it in the comments section, below.

Ali chose his Cave Hill site, but location kept secret for now; security a long-term problem

The late prize-fighter and Louisville native personally picked out his Cave Hill Cemetery gravesite a decade ago, challenged only by deciding which plot would be best at the 300-acre burial grounds in the Highlands.

Muhammad Ali
Ali in 1967.

Ali will have a modest marker after his burial tomorrow, following Muslim tradition and his wish to remain humble despite his outsized life — in sharp contrast to the more ornate cemetery art on many of the other 130,000 occupied plots there. Family spokesman Bob Gunnell and Cave Hill would not say exactly where the grave will be, according to the Associated Press. But it’s certain to become a pilgrimage site for worldwide fans of the humanitarian, raising the cemetery’s already high profile — and security concerns as well. Ali will join a who’s-who of governors, business leaders and other Kentucky residents there. The most-visited grave is that of KFC founder Harland Sanders.

Ali died last Friday in Phoenix, where he lived most of the year. He was 74 and had been battling Parkinson’s disease for decades.

Cave Hill traces its history to 1846, when the mayor and city council set out to develop what soon became a “garden” cemetery, which by then was a concept gaining popularity in major U.S. cities. It’s unclear what measures will be taken to keep Ali’s grave undisturbed. Entering the cemetery isn’t easy, however; it’s surrounded by a high brick wall topped in places with razor wire, and the entry gates at Broadway and Baxter and on Grinstead Drive are monitored by security cameras and a guard. (See a map of Cave Hill.)

Securing Ali’s body has already been an issue; gossip site TMZ reported that officers with the Metro Police Department and the Jefferson County Sheriff were stationed outside the A.D. Porter and Sons Funeral Home, which is coordinating some of this week’s events.

Bodynap target.

At other cemeteries, guarding burial sites of celebrities has been a problem. Someone stole Charlie Chaplin’s body from his Switzerland grave and held it for ransom, the Associated Press says. Elvis Presley was first buried at Forest Hill Cemetery in Memphis in 1977, but his family moved him to his Graceland estate after three men were accused of plotting to steal it. Authorities foiled a plan to steal Abraham Lincoln’s body at Illinois’ Oak Ridge Cemetery and hold it for ransom in 1876, nine years after he died. Ultimately, his coffin was moved 17 times, mostly due to numerous reconstructions of his tomb and fears for the safety of his remains.

Celebrities’ graves can be a potentially valuable tourist attraction. Continue reading “Ali chose his Cave Hill site, but location kept secret for now; security a long-term problem”