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Omega Announces Completion Of Consent Solicitation And Indenture Amendments For 7% Senior Notes Due 2016; Redemption Of Remaining Untendered Notes

Stocks in this article: OHI

Omega Healthcare Investors, Inc. (NYSE: OHI) announced today the successful completion of its consent solicitation with respect to its outstanding $175 million aggregate principal amount of 7% senior notes due 2016.

On March 5, 2012, Omega commenced a cash tender offer for any and all of the 2016 Notes and a solicitation of consents to certain proposed amendments to the indenture governing the 2016 Notes. The consent solicitation expired at 5:00 p.m., New York City time, on March 16, 2012. As of the expiration of the consent solicitation, Omega was in receipt of tenders and consents representing approximately 96.5% of the outstanding 2016 Notes. The percentage of consents received exceeds the requisite consents needed to amend the indenture governing the 2016 Notes. Accordingly, Omega and U.S. Bank National Association, as trustee, have executed a supplemental indenture to effect the proposed amendments.

Omega will make a cash payment of $1,025.83 per $1,000 principal amount, which includes a consent payment of $30.00 per $1,000 principal amount, to the holders of 2016 Notes that tendered prior to the expiration of the consent solicitation.

The tender offer is scheduled to expire at 8:00 a.m., New York City time, on April 2, 2012. Remaining holders who validly tender their 2016 Notes after the expiration of the consent solicitation and before the expiration of the tender offer will be eligible to receive $995.83 per $1,000 principal amount of 2016 Notes tendered and not validly withdrawn.

Omega also announced today that it has given irrevocable notice of redemption for all outstanding 2016 Notes and such 2016 Notes will be redeemed in full on March 27, 2012. Pursuant to the terms of the indenture governing the 2016 Notes, Omega will redeem the outstanding 2016 Notes at a redemption price of 102.333% of their principal amount, plus accrued and unpaid interest up to the redemption date.

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