Omega Healthcare tenders for, solicits consents to amend 7% notes

By Jennifer Chiou

New York, Nov. 8 - Omega Healthcare Investors, Inc. announced the start of a cash tender offer for any and all of its $310 million of 7% senior notes due 2014.

The Hunt Valley, Md.-based self-administered real estate investment trust is also soliciting consents to amend the note indenture to eliminate substantially all of the restrictive covenants and certain event of default provisions.

The consent deadline is set for 5 p.m. ET on Nov. 22 while the offer will meet completion at 8 a.m. ET on Dec. 8.

Those who tender prior to the consent deadline will receive $1,025.83 for each $1,000 principal amount of notes, including a consent payment of $30.00.

Holders will also receive accrued interest.

Omega said that early settlement is anticipated for Nov. 23.

The company is seeking consents from holders of a majority of notes. The offer is also subject to a financing condition.

D.F. King & Co., Inc. is the depositary and information agent (800 431-9643 or call collect 212 269-5550). BofA Merrill Lynch is the dealer manager and solicitation agent (888 292-0070 or call collect 980 388-9217).

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