New Issue: Omega Healthcare sells $50 million add-on to 7% notes due April 2014 to yield 6.948%

By Paul A. Harris

St. Louis, Nov. 28 - Omega Healthcare Investors, Inc. priced a $50 million add-on to its 7% notes due April 1, 2014 (B1/BB-) at 100.25 on Monday to yield 6.948%, according to a syndicate source.

Deutsche Bank, UBS Investment Bank and Banc of America Securities LLC ran the books.

Proceeds from the quick-to-market transaction will be used to repay debt.

The original $200 million issue priced at par on March 15, 2004, bringing the total issue size, following Monday's add-on, to $250 million.

The issuer is a Timonium, Md.-based real estate investment trust investing in the long-term care industry.

Issuer:	Omega Healthcare Investors, Inc.
Amount:	$50 million
Maturity:	April 1, 2014
Security description:	Add-on to 7% senior notes
Bookrunners:	Deutsche Bank, UBS Investment Bank, Banc of America Securities LLC
Coupon:	7%
Price:	100.25
Yield:	6.948%
Spread:	261 basis points
Call features:	Callable after April 1, 2009 at 103.50, 102.333, 101.167, par on or after April 1, 2012
Equity clawback:	Until April 1, 2007 for 35% at 107.0
Trade date:	Nov. 28
Settlement date:	Dec. 2, with accrued interest
Ratings:	Moody's: B1
	Standard & Poor's: BB-

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