Omega Healthcare to repay revolver debt with note proceeds

By Angela McDaniels

Seattle, Dec. 16 - Omega Healthcare Investors Inc. said it plans to repay borrowings under its revolving credit facility using proceeds from the offering of $175 million senior notes due 2016. Proceeds will also be used and for general corporate purposes and to fund a tender for the company's $100 million 6.95% notes due 2007.

In mid November, the company said it would use proceeds from a proposed stock offering to repay outstanding revolver debt. A $50 million note sale in November was also used to fund debt repayments.

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

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