Navigation Links
CapitalSource Closes First Step of Long-Term Care Facility Sale to Omega Healthcare Investors

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 September 30, 2009, CapitalSource had total commercial assets of $10.4 billion and $4.4 billion in deposits. The Company is headquartered in Chevy Chase, MD. Visit for more information.

Forward Looking Statements

This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including certain plans, expectations, goals, and projections and including statements about the sale to Omega Care Investors Inc. of assets in our healthcare net lease portfolio, including the purchase option, expected timing of closing of the next step of the transaction, our intended use of proceeds, requirements under our senior secured notes, and the registration of the stock we have received in the transaction, all of which are subject to numerous conditions, requirements, adjustments, options, assumptions, risks, and uncertainties, including the counterparty's discretion regarding whether to exercise its purchase option. All statements contained in this release that are not clearly historical in nature are forward-looking, and the words "anticipate," "assume," "intend," "believe," "expect," "estimate," "plan," "goal," "will," "outlook," "continue," "look forward," "should," and similar expressions are generally intended to identify forward-looking statements. All forward-looking statements (including statements regarding future financial and operating results and future transactions and closings and their results) involve risks, uncertainties and contingencies, many of which are beyond our control which may cause actual results, performance, or achievements to differ materially from anticipated results, performance or achievements. Actual results could differ materially from those contained or implied by such statements for a variety of factors, including without limitation: the proposed transactions may not be completed on the proposed terms and schedule or at all; we may not generate the expected proceeds; the ability of the parties to satisfy the conditions to the completion of the remaining transactions contemplated by the purchase agreement; potential adjustments to the form and amount of consideration payable in connection with the remaining transactions pursuant to the purchase agreement; potential unforeseen costs associated with the transactions; the stock we received in the transaction may not be registered in the required time period or at all; changes in economic or market conditions; continued or worsening recession in the overall economy or disruptions in credit and other markets; movements in interest rates and lending spreads; continued or worsening credit losses, charge-offs, reserves and delinquencies; our ability to successfully and cost effectively operate our business; competitive and other market pressures on product pricing and services; success and timing of our business strategies; the nature, extent, and timing of governmental actions and reforms; changes in tax laws or regulations affecting our business; and other factors described in CapitalSource's 2008 Annual Report on Form 10-K and documents subsequently filed by CapitalSource with the Securities and Exchange Commission. All forward-looking statements included in this news release are based on information available at the time of the release. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

SOURCE CapitalSource Inc.

SOURCE CapitalSource Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Hard to Treat Diseases (HTDS) Closes 1 Million Dollar Contract Indian Pharmaceutical
2. Registration Closes Soon for FDAs Second Annual Science Writers Symposium
3. Augmenix, Inc. Closes $6.1 Million Financing
4. Beckman Coulter Announces Third Quarter 2009 Earnings to be Released on Thursday, October 29, 2009, After Market Closes
5. Archi-Tech Closes the Gap Between Pharmaceutical Managed Care and Primary Sales with Pull-Through Reporting Capabilities
6. Greenway Medical Technologies Closes 11th Consecutive Fiscal Year of Positive Growth
7. AdvanDx Closes $8 Million Financing Round and Elects New Board Member
8. HeartWare International, Inc. Closes US$60 Million Financing
9. Emdeon Closes The Sentinel Group Acquisition, Implements First Customer in Less than 30 Days
10. Croff Enterprises, Inc. Closes Merger and Will Change Name to Americas Minority Health Network, Inc.
11. Paradigm Spine Closes $21.5 Million Financing and Announces Promotion of Matt Stuttle to Position of Vice President, US Sales
Post Your Comments:
(Date:10/12/2017)... ... , ... The American College of Medical Informatics (ACMI) will present the 2017 ... Session of AMIA’s Annual Symposium in Washington, D.C. AMIA’s Annual Symposium is ... pioneer in the field of medical informatics, this prestigious award is presented to an ...
(Date:10/12/2017)... ... October 12, 2017 , ... ... Restoration, has recently contributed a medical article to the newly revamped Cosmetic ... Mohebi’s article spotlights the hair transplant procedure known as Follicular Unit Extraction ...
(Date:10/12/2017)... , ... October 12, 2017 , ... On Saturday, October ... treadmill relay – Miles by Moonlight to raise money for the American Heart Association ... more. , Teams will work together to keep their treadmills moving for 5 ...
(Date:10/12/2017)... ... 2017 , ... In the United States, single-family home owners ... New York, New Jersey, Massachusetts, Texas, Virginia, Connecticut, and California—the average is $7,000 ... property-tax rates, which contributes to the relatively lower cost of living in places ...
(Date:10/12/2017)... ... October 12, 2017 , ... Vodori, ... Flow promotional review platform at the Promotional Review Committee Compliance and Best ... marketers streamline the medical, legal, and regulatory review (MLR) process – which ...
Breaking Medicine News(10 mins):
(Date:10/12/2017)... , Oct. 12, 2017 AVACEN Medical , ... company with their  2017 New Product Innovation Award for ... extensive primary and secondary medical device market research by Frost ... its first-to-market OTC, drug-free pain relief product, the AVACEN 100, ... to treating fibromyalgia widespread pain. ...
(Date:10/12/2017)... Pa. , Oct. 12, 2017 ... leader in innovative solutions for injectable drug administration, today ... before the market opens on Thursday, October 26, 2017, ... the results and business expectations at 9:00 a.m. Eastern ... (U.S.) or 253-336-8738 (International). The conference ID is 94093362. ...
(Date:10/11/2017)... Oct. 11, 2017  Caris Life Sciences ® , ... the promise of precision medicine, today announced that St. ... Precision Oncology Alliance™ (POA) as its 17 th ... St. Jude Crosson Cancer Institute will help develop standards ... of tumor profiling, making cancer treatment more precise and ...
Breaking Medicine Technology: