Omega Healthcare Investors, Inc. (NYSE:OHI) announced today its intention to offer $400 million aggregate principal amount of its senior notes due 2024 in a private placement, subject to market and other conditions.
The notes will be offered only to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended, and to non-U.S. persons outside of the United States under Regulation S under the Securities Act.
The Company intends to use the net proceeds of the offering to fund its previously announced cash tender offer and consent solicitation for its outstanding $175 million aggregate principal amount of 7% senior notes due 2016, and to repay a portion of its outstanding borrowings under its $475 million unsecured revolving credit facility.
In connection with the offering of the notes, the Company will agree to file a registration statement with the Securities and Exchange Commission relating to an offer to exchange the notes for publicly tradeable notes having substantially identical terms in accordance with published SEC interpretations.
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