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CapitalSource Closes First Step of Long-Term Care Facility Sale to Omega Healthcare Investors
Date:12/22/2009

CHEVY CHASE, Md., Dec. 22 /PRNewswire-FirstCall/ -- CapitalSource Inc. (NYSE: CSE) today announced that it has completed the sale of 40 long-term care facilities to Omega Health Care Investors Inc. (NYSE: OHI), as per the terms of the previously announced Securities Purchase Agreement between the parties.

In this closing, CapitalSource received net proceeds from Omega of $234.8 million, consisting of $184.2 million in cash; and 2,714,959 shares of Omega common stock (valued at $50.6 million under the Purchase Agreement). Additionally, Omega assumed $59.4 million of debt associated with the 40 properties purchased. Included in the purchase price was $25 million for an option which can be exercised by Omega to acquire 63 additional long-term care facilities at any time through December 31, 2011 (step three of the Purchase Agreement). CapitalSource expects step two of the transaction for an additional 40 long-term care facilities to close on or about April 1, 2010.

As previously disclosed, CapitalSource expects to use the proceeds from the Omega sale to add to parent company liquidity and reduce the committed capacity of the Company's syndicated bank facility from the current level of $525 million. The Omega stock received by CapitalSource is required to be registered by Omega in the first quarter of 2010.

About CapitalSource

CapitalSource Inc. (NYSE: CSE) is a commercial lender that provides financial products to middle market businesses and offers depository products and services in southern and central California through its wholly owned subsidiary CapitalSource Bank. As of S
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SOURCE CapitalSource Inc.
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