DaVita commences $1B share buyback plan -

Through what is called a modified Dutch auction, DaVita plans to purchase stock at between $77 and $88 per share. Shareholders whose shares are purchased will be paid the determined purchase price in cash, less any applicable withholding taxes and without interest, promptly after the expiration of the tender offer on Sept. 14. DaVita expects to finance the share purchases in the tender offer with cash on hand and/or borrowings under its currently undrawn $1-billion revolving line of credit under its senior secured credit facilities. The dealer manager for the tender offer is BofA Securities, while Georgeson is serving as information agent and Computershare is the depositary.