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Newcastle Announces Spin-Off Of Senior Housing Business

Stocks in this article: NCT

Newcastle Investment Corp. (the “Company”, NYSE: NCT) announced today that its Board of Directors has unanimously approved a plan to spin off its senior housing business. Newcastle intends to effect the spin-off by distributing shares of its subsidiary, New Senior Investment Group Inc. (“New Senior”, NYSE: SNR). New Senior will be a publicly traded real estate investment trust that primarily targets senior housing related investments.

New Senior has filed a registration statement with the U.S. Securities and Exchange Commission (“SEC”) with respect to the planned spin-off. The spin-off is subject to certain conditions, such as the SEC declaring effective New Senior’s registration statement, the filing and approval of an application to list New Senior’s common stock on the NYSE and the formal declaration of the distribution by the Board of Directors. In evaluating the spin-off, the independent members of Newcastle’s Board of Directors were advised by Houlihan Lokey.

Kenneth Riis, the Company’s CEO commented, “The spin-off of New Senior from Newcastle will be a key step towards optimizing the future growth of each standalone company. As two separately traded public companies, both Newcastle and New Senior will be better positioned to capitalize on respective market opportunities and further enhance shareholder value creation.”

New Senior will be externally managed by an affiliate of Fortress Investment Group LLC.

Newcastle will host an investor call on Monday, June 16, 2014, at 4:30pm ET. On the call, the Company will provide additional information in connection with the spin-off.

All interested parties are welcome to participate on the live call. The conference call may be accessed by dialing 1-888-243-2046 (from within the U.S.) or 1-706-679-1533 (from outside of the U.S.) ten minutes prior to the scheduled start of the call; please reference “Newcastle Investor Update Call.” The Company intends to post a presentation on its website, www.newcastleinv.com, in advance of the call.

A telephonic replay of the conference call will also be available approximately two hours following the completion of the call through 11:59 P.M. Eastern Time on June 30, 2014 by dialing 1-855-859-2056 (from within the U.S.) or 1-404-537-3406 (from outside of the U.S.); please reference access code “61760924”.

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