Omega Healthcare to repay bank borrowings with new deal proceeds

New York, March 28 – Omega Healthcare Investors, Inc. plans to repay its $200 million senior incremental term loan facility due June 27, 2017 and outstanding borrowings on its revolving credit facility using proceeds from an offering of new notes, according to a 424B2 filing with the Securities and Exchange Commission.

As of March 20, the company owed $173 million on the revolver.

The company will also use proceeds to redeem its $400 million of 5.875% senior notes due 2024.

Any remainder will be used for general corporate purposes.

Omega announced on Tuesday morning that it plans to sell new senior notes and an add-on tranche to its existing 4.5% senior notes due 2025.

Omega Healthcare is a Hunt Valley, Md. real estate investment trust specializing in health care facilities, primarily those delivering long-term care, in the United States and the United Kingdom.

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