Omega Healthcare Investors completes $475 million unsecured revolver

By Sara Rosenberg

New York, Aug. 16 - Omega Healthcare Investors Inc. closed on a new $475 million four-year unsecured revolving credit facility, effective Tuesday, according to a news release.

Bank of America Merrill Lynch and Deutsche Bank Securities Inc. acted as the joint lead arrangers on the deal, with Bank of America the bookrunner and administrative agent.

Pricing on the revolver ranges from Libor plus 225 basis points to 300 bps based on consolidated leverage.

And, if the company achieves at least two investment-grade ratings from Standard & Poor's, Moody's Investors Service and/or Fitch Ratings, revolver pricing will range from Libor plus 150 bps to 210 bps.

There is a $125 million accordion feature.

Proceeds were used to repay a senior secured credit facility that was priced at Libor plus 400 bps, and are available for acquisitions and general corporate purposes.

At close, there was about $65 million drawn under the new revolver.

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

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