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S&P rates Omega Healthcare notes
Standard & Poor's said it placed its ratings for Omega Healthcare Investors Inc.'s existing senior unsecured debt and preferred stock ratings on CreditWatch with positive implications and affirmed the BB- corporate credit rating.
In addition, S&P assigned its BB- rating to the proposed offering of $200 million of new senior unsecured notes.
The outlook is stable.
"The rating on the proposed senior unsecured notes is contingent upon Omega completing this offering and a new secured credit facility that would result in a material reduction in encumbered assets and encumbered income.
"The ratings on the existing debt and preferred securities are placed on CreditWatch with positive implications, with the technical upgrades contingent upon the proposed financings being successfully completed. If the transactions are executed as planned, the existing senior unsecured notes and preferred stock ratings would be raised to BB- and B, respectively, and removed from CreditWatch. If the financings are not completed, the existing ratings on the debt and preferred securities would remain intact and would be removed from CreditWatch," said S&P credit analyst George Skoufis.
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