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CapitalSource Announces Sale of Net Lease Assets to Omega Healthcare Investors ... PR Newswire (press release)
CHEVY Woo, Md., Nov. 17 /PRNewswire-FirstCall/ -- CapitalSource Inc. (NYSE: CSE ) today announced that it has entered into a definitive pact to sell substantially all of its healthcare net lease portfolio to Omega Healthcare Investors, Inc. (NYSE: OHI ), vulnerable to to usual and customary closing conditions and adjustments. The sale, covering 143 long term care facilities, will be completed in a series of closings. Expected net proceeds to CapitalSource encompass $280 million cash and $51 million of OHI stock. Omega is expected to assume or pay off $529 million of in hock related to the assets being purchased. CapitalSource owns 38 additional long term care facilities not included in this sale, but which the Players expects to sell separately.
"This transaction is another important step in our ongoing transformation to a bank model," commented John K. Delaney, CapitalSource Chairman and CEO. "We propose to use the cash proceeds principally to pay down debt, which further strengthens our balance sheet and liquidity. After exploring a number of alternatives in current months, we believe this direct asset sale is the best result for our shareholders," concluded Delaney.
