Omega Healthcare Investors gets $320 million senior secured revolver

By Sara Rosenberg

New York, April 13 - Omega Healthcare Investors Inc. closed on a new $320 million four-year senior secured revolving credit facility on Tuesday, according to a news release.

Bank of America acted as the bookrunner on the deal and as the joint lead arranger with Deutsche Bank, which is also a co-syndication agent. UBS is the other co-syndication agent.

Pricing on the revolver can range from Libor plus 325 basis points to 425 bps based on consolidated leverage. Initial pricing is set at Libor plus 350 bps.

The revolver maturity will be accelerated to Dec. 31, 2013 if the company's 7% senior notes are not refinanced by then.

There is a $100 million accordion feature.

Proceeds were used to refinance the company's existing credit facility and will be available for acquisitions and general corporate purposes.

Omega Healthcare is a Hunt Valley, Md.-based real estate investment trust that invests in and provides financing to the long-term care industry.

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