Sabra to repay revolver debt via sale, portfolio conversion proceeds

By Sarah Lizee

Olympia, Wash., April 2 – Sabra Health Care REIT, Inc. plans to repay borrowings under its revolving credit facility using proceeds from the sale of 28 of its facilities previously operated by Senior Care Centers, according to a press release.

The sale brought in gross proceeds of $282.5 million.

Additionally, the REIT plans to repay revolver borrowings following the recently completed conversion of its 21-community holiday portfolio from a triple-net master lease to a management agreement structure. Sabra said it received $57.2 million of total cash consideration in the transaction due to terminating the master lease, the proceeds of which will be used for the paydown.

Sabra Health Care is an Irvine, Calif., real estate investment trust specializing in the health-care sector.

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