Omega Announces Closing of New $1.45 Billion Senior Unsecured Credit Facility

Omega Healthcare Investors, Inc. (NYSE: OHI) (the “Company” or “Omega”) today announced that it has closed a new four-year $1.45 billion senior unsecured revolving credit facility (“Credit Facility”). Omega also announced that its operating partnership subsidiary, OHI Healthcare Properties Limited Partnership (“OHI LP”), has entered into a new four-year $50 million senior unsecured term loan credit facility (the “OHI LP Credit Facility”). The Credit Facility was supported by 30 incumbent and new financial institutions and was substantially oversubscribed. Each of the new credit facilities was effective April 30, 2021.

The Credit Facility replaced Omega’s previous $1.25 billion senior unsecured revolving credit facility which was maturing in May 2021. The Credit Facility is initially priced at LIBOR plus 120 basis points (a five basis point improvement from pricing under its previous unsecured credit facility) based on the Company’s debt ratings, plus a facility fee based on the same ratings (currently 25 basis points). Omega expects to use the Credit Facility for (a) refinancing existing indebtedness, (b) financing acquisitions, and (c) funding working capital, capital expenditures and other general corporate purposes. The Credit Facility matures on April 30, 2025, with two options by the Company to extend the maturity six additional months for each option. The Credit Facility includes an “accordion feature” that permits the Company to expand its borrowing capacity to an aggregate of not more than $2.5 billion.

The OHI LP Credit Facility replaced OHI LP’s previous $50 million senior unsecured term loan credit facility which was scheduled to mature in May 2022.

The Credit Facility and the OHI LP Credit Facility are made up of a syndication of financial institutions. BofA Securities, Inc. is Joint Lead Arranger and Sole Book Runner. Bank of America, N.A. is the Administrative Agent and L/C Issuer. Citizens Bank, National Association., Credit Agricole Corporate and Investment Bank, JPMorgan Chase Bank, N.A. and Wells Fargo Bank, N.A., are Joint Lead Arrangers and Co-Syndication Agents. Barclays Bank PLC, Capital One, National Association, Morgan Stanley Bank, N.A., MUFG Bank LTD. People’s United Bank, National Association, Regions Bank, Royal Bank of Canada, The Bank of Nova Scotia, and Truist Bank are Co-Documentation Agents. Bank of the West, Fifth Third Bank, The Huntington National Bank, KeyBank and Mizuho Bank Ltd. are Managing Agents. BBVA USA, Northern Trust, Stifel Bank & Trust, Synovus Bank, Bank of Taiwan, First Commercial Bank, Ltd., Land Bank of Taiwan, Taiwan Business Bank, E. Sun Commercial Bank Limited, Hua Nan Commercial Bank Ltd., and Taiwan Cooperative Bank also participate in the credit facilities.