Kindred Healthcare Inc. (KND) Thursday said it has signed a definitive agreement to sell 17 non-strategic facilities for $187 million to an affiliate of Vibra Healthcare, LLC. The company has maintained its core earnings per share guidance range of $1.10 to $1.30 for continuing operations for the full year, while the transaction is expected to be dilutive to earnings in 2013.
Kindred expects to complete the transaction through multiple closings occurring during the third and fourth quarters of 2013 and in connection with the transaction, expects to record a pretax loss that could approximate $100 million.
The firm sees the after-tax net proceeds from the transaction, including transaction costs, to approximate $180 million. In the near term, Kindred intends to use the net proceeds to pay down the outstanding balance under its existing revolving credit facility. Over time, these proceeds are expected to be reinvested in its Integrated Care Markets and used to finance home health and hospice acquisitions.
The company further said the transaction is expected to be accretive to future earnings as the proceeds are expected to be reinvested in its Integrated Care Markets and home health and hospice business, Kindred at Home.
The transaction is subject to Vibra finalizing its financing for the transaction and other regulatory approvals.
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