Omega Healthcare Investors Inc. Upgraded To 'BB+' On Expectations For Adequate Tenant Rent Coverage Metrics Dec 11
- Language: English
- Published: December 2011
OVERVIEW We assigned our 'BBB-' rating to Omega Healthcare Investors Inc.'s $400 million senior unsecured notes due 2024. The company plans to use the proceeds from the offering to repurchase $175 million of outstanding 7.0% senior notes due 2016 and repay a portion of outstanding borrowings under the unsecured credit facility. NEW YORK (Standard & Poor's) March 5, 2012--Standard & Poor's Ratings Services today assigned its 'BBB-' rating to a $400 million senior unsecured note offering by Omega Healthcare Investors Inc. The notes mature on March 15, 2024. We also assigned a '2' recovery to the notes, indicating our expectation for a substantial recovery (70%-90%) in the event of a payment default. The company plans to use the proceeds from...
Companies mentioned in this report are: Omega Healthcare Investors Inc.
Action: New Rating
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Omega Healthcare Investors Inc.