Omega Healthcare Investors received a new two-year, $400 million senior unsecured term loan to help replenish the $350 million of the company’s cash used to repay its August 1 bond maturity. Maturing on August 8, 2025, with two one-year extension options, the loan includes an accordion feature that permits Omega to expand its borrowing capacity to an aggregate of up to $500 million.
In addition to the balance sheet cash provided by the term loan, the REIT still maintains its entire $1.45 billion revolving credit facility and over $700 million remaining under its ATM equity shelf program available to fund future investments and repay debt maturities, including $400 million in debt due in April 2024.
A syndication of 14 financial institutions provided the term loan. BofA Securities Inc. is joint lead arranger and sole book runner. Bank of America NA is the administrative agent. Citizens Bank National Association, Crédit Agricole Corporate and Investment Bank, JPMorgan Chase Bank NA and Wells Fargo Bank NA are joint lead arrangers and co-syndication agents. The Bank of Nova Scotia, The Huntington National Bank, M&T Bank, MUFG Bank LTD, Regions Bank, Royal Bank of Canada and Truist Bank are co-documentation agents.
