KKR leads $235m refinancing of Harden Healthcare as it pursues debt strategy

KKR’s asset management unit bought about $140m of Harden debt and its capital-markets group arranged a revolving credit line as well as the sale of senior secured notes.

Yesterday, KKR announced that it had made four appointments in KKR Asset Management (KAM) as it looks at new ways of generating revenue.

Jamie Weinstein and Nathaniel Zilkha have been named responsible for KAM's global special situations strategy, which includes distressed debt, debtor-in-possession and rescue financing as well as other structured investments.

Bill Sonneborn of KKR said, “As a firm, we are very well positioned to invest across all parts of a company's capital structure. Given the set of current and expected global opportunities, we are creating more focus and devoting more resources that will enable the team to continue creating unique solutions for global businesses and generating good returns for our clients."

The firm has raised $800m from investors during the fourth quarter for its credit strategies.

Harden Healthcare began operations in January 2002 with six long-term care facilities in central Texas. Since then, Trisun Healthcare has grown to a total of 34 facilities and expanded geographically. Harden’s other four businesses, including Girling Health Care, were acquired as Trisun grew.

KAM has $13.4bn in assets under management, while KKR looks after $52.2bn, making it one of the biggest private equity firms in the business.

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