Omega Healthcare takes in needed consents to amend 7% senior notes

By Jennifer Chiou

New York, Nov. 23 - Omega Healthcare Investors, Inc. announced the receipt of the necessary consents to amend its $310 million of 7% senior notes due 2014. It took in consents from holders of roughly 85% of the notes.

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

Omega said in a release that it has executed a supplemental indenture.

The consent deadline occurred at 5 p.m. ET on Nov. 22.

Those who tendered prior to the consent deadline received $1,025.83 for each $1,000 principal amount of notes, including a consent payment of $30.00 for only those who tendered by the early deadline.

Holders will also receive accrued interest.

The offer will meet completion at 8 a.m. ET on Dec. 8. It started on Nov. 8.

The company was seeking consents from holders of a majority of notes. The offer is also subject to a financing condition, and Omega said it plans to fund the tender from the proceeds of a previously announced private placement of $350 million of 6¾% senior notes due 2022.

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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