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Sabra Health Care REIT, Inc. Announces $300 Million Senior Notes Offering By Certain Of Its Subsidiaries

IRVINE, Calif., Jan. 8, 2014 (GLOBE NEWSWIRE) -- Sabra Health Care REIT, Inc. ("Sabra") (Nasdaq:SBRA) today announced that certain subsidiaries of Sabra (the "Issuers") plan to offer, subject to market and other conditions, $300 million aggregate principal amount of senior notes due 2021 (the "Notes"). The Notes will be offered pursuant to an effective automatic shelf registration statement on Form S-3 filed with the Securities and Exchange Commission (the "SEC") on May 20, 2013 under the Securities Act of 1933, as amended.

The Notes will be fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis, by Sabra and certain of Sabra's other existing and, subject to certain exceptions, future subsidiaries. Sabra intends to use a portion of the net proceeds from the offering to fund the pending tender offer of the Issuers to purchase any and all of their outstanding 8.125% senior notes due 2018 (the "Existing 2018 Notes") and related consent solicitation. In the event that all of the Existing 2018 Notes are not tendered in the tender offer or the Issuers do not consummate the tender offer, Sabra currently intends (but is not obligated) to use the net proceeds from the offering to redeem any and all Existing 2018 Notes that remain outstanding. Sabra intends to apply the remainder of the net proceeds of the offering to repay a portion of its borrowings outstanding under its revolving credit facility.

In connection with the offering, BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc., and RBS Securities Inc. are acting as joint book-running managers. Credit Agricole CIB, Raymond James & Associates, Inc., and Stifel, Nicolaus & Company, Incorporated are acting as co-managers. You may obtain a copy of the prospectus supplement and the related prospectus for free by visiting EDGAR on the SEC website at www.sec.gov , or by contacting:
  • BofA Merrill Lynch, 222 Broadway, New York, New York 10038, Attn: Prospectus Department or by e-mail at dg.prospectus_requests@baml.com;  
  • Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by calling 888-603-5847;  
  • Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by calling 800-831-9146;  
  • RBS Securities Inc., 600 Washington Blvd., Stamford, Connecticut 06901, Attn: Debt Capital Markets Syndicate, or by calling 866-884-2071;  
  • Credit Agricole CIB, 1301 Avenue of the Americas, New York, New York 10019, or by calling 866-807-6030;  
  • Raymond James & Associates, 880 Carillon Parkway, St. Petersburg, Florida 33716, or by calling 800-248-8863; or  
  • Stifel, Nicolaus & Company, Incorporated, 501 N. Broadway, St. Louis, Missouri 63102, or by calling 855-300-7136.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes nor shall there be any sale of the Notes in any state in which such offer, solicitation or sale would be unlawful. Any offer of the Notes will be made solely by means of the prospectus included in the registration statement and the prospectus supplement relating to the offering.

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