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Omega Healthcare tenders, seeks consents for $175 million of 7% notes
By Susanna Moon
Chicago, March 5 - Omega Healthcare Investors, Inc. said it began a cash tender offer and consent solicitation for its outstanding $175 million principal amount of 7% senior notes due 2016.
The company is soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants and event of default provisions in the indenture governing the notes.
Holders who tender their notes by the consent date will receive the total purchase price of $1,025.83 for each $1,000 principal amount of notes, which includes a $30.00 consent fee.
The consent deadline is 5 p.m. ET on March 16.
Those who tender after the consent solicitation will receive $995.83 per $1,000 of notes.
The company also will pay accrued interest to the settlement date.
The tender offer will end at 8 a.m. ET on April 2. Tendered notes may be withdrawn by the consent deadline.
Holders may not tender their notes without delivering consents or deliver consents without tendering their notes.
Omega expects to settle early tendered notes on March 19 and the remaining tendered notes on April 2, according to a company press release.
The tender offer is conditioned on financing and receiving enough consents to amend the notes and execute a supplemental indenture.
D.F. King & Co., Inc. (800 431-9643 or for banks and brokers 212 269-5550) is the depositary and information agent.
Bank of America Merrill Lynch (888 292-0070 and collect 980 387-3907) is the dealer manager and solicitation agent.
Omega is a Timonium, Md.-based real estate investment trust investing in and providing financing to the long-term care industry.
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