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Omega Healthcare obtains required consents for 6.95% notes
By Jennifer Chiou
New York, Dec. 30 - Omega Healthcare Investors, Inc. said it received the required consents for its $100 million of 6.95% notes due 2007.
As of the consent deadline at 5 p.m. ET on Dec. 30, Omega said it received tenders from holders of 79.3% of the 6.95% notes. Noteholders consented to amendments to the notes' indenture that eliminate certain restrictive covenants and provisions relating to events of default and amend other related provisions.
The company said it has executed a supplemental indenture.
The Timonium, Md., long-term care real estate investment trust will pay $1,031.02 per $1,000 principal amount of notes to holders who tendered by the consent deadline. The total includes a $30.00 per $1,000 consent payment.
Holders who tender after that date but before the expiration of midnight ET on Jan. 17 will receive $1,001.02 per $1,000 principal amount.
Omega will also pay accrued interest up to but excluding the payment date.
In addition, the company's board authorized the Jan. 18 redemption of all outstanding notes that are not tendered. Omega said it will redeem the notes at $1,066.13 per $1,000 principal amount.
The tender offer is subject to conditions including the receipt of sufficient consents to amend the indenture and the completion of an offering of new notes. Omega said it will use the proceeds of its $175 million offering of 7% senior notes due 2016 for the offer.
The company launched the offer on Dec. 16.
Deutsche Bank Securities Inc. is dealer manager (call collect 212 250-4270 or 800 553-2826). MacKenzie Partners, Inc. is the information agent (call collect 212 929-5500 or 800 322-2885).
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