DaVita has entered into a new $5.5 billion senior secured credit agreement with Wells Fargo Bank as administrative and collateral agent.

The new credit agreement consists of a five-year secured revolving loan facility in an aggregate amount of $1 billion, a five-year secured term loan A facility with a delayed draw feature in an aggregate amount of $1.75 billion and a seven-year secured term loan B facility in an aggregate amount of $2.75 billion.

A portion of the proceeds from borrowings made under the new credit agreement was used to repay all borrowings outstanding under the company’s prior credit agreement.

By entering into the new credit agreement, the company satisfied the financing condition to the closing of its modified “Dutch auction” tender offer for up to $1.2 billion of its common stock at a price per share not less than $53.50 and not more than $61.50.

DaVita is the largest provider of kidney care services in the U.S. and has been a leader in clinical quality and innovation for 20 years.