By Paul A. Harris
St. Louis, Dec. 20 - Omega Healthcare Investors Inc. priced a $175 million issue of 7% 10-year senior notes (B1/BB-) at 99.109 on Tuesday to yield 7 1/8%, according to a syndicate source.
The yield came on top of the price talk.
Deutsche Bank Securities, Banc of America Securities LLC and UBS Investment Bank ran the books for the Rule 144A senior notes.
Proceeds will be used to fund the tender for $100 million of the company's 6.95% notes due 2007, to repay outstanding debt under its $200 million senior revolving credit facility, and for general corporate purposes.
The issuer is a Timonium, Md., real estate investment trust investing in and providing financing to the long-term care industry.
| Issuer: | Omega Healthcare Investors Inc.
|
| Amount: | $175 million
|
| Maturity: | Jan. 15, 2016
|
| Security description: | Senior notes
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| Bookrunners: | Deutsche Bank Securities, Banc of America Securities LLC, UBS Investment Bank
|
| Coupon: | 7%
|
| Price: | 99.109
|
| Yield: | 7 1/8%
|
| Spread: | 266 basis points
|
| Call: | Callable on and after Jan. 1, 2011 at 103.50
|
| Trade date: | Dec. 20
|
| Settlement date: | Dec. 30
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A
|
| Price talk: | 7 1/8% area
|
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