DaVita enters $3.5 billion credit refinancing, replacing facilities maturing April 2028
On November 24, 2025, DaVita entered an Eighth Amendment to its 2019 Credit Agreement, providing new five-year secured facilities of up to $2 billion in term loan A and $1.5 billion in revolving credit to refinance its prior facilities maturing in April 2028. The filing states proceeds will repay the prior facilities, cover fees and expenses, and fund working capital and general corporate purposes, which may include stock repurchases, acquisitions and investments.
Key points
- New A-2 term loan facility of up to $2 billion and new revolving facility of up to $1.5 billion, both five years
- Refinances a prior term loan of approximately $1.950 billion and a prior $1.5 billion revolver, both maturing April 2028
- Initial margin of 150 basis points over Term SOFR; margin and revolver commitment fee move to a leverage-based grid after financial statements for the quarter ending March 31, 2026
- Term loan amortizes quarterly from March 31, 2026, at 2.5% per year for two years, then 5.0% per year
The filing
Written by AI on Nov 8, 2026, 1:12 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on November 25, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.