Sabra Health subsidiaries to redeem portion of 8 1/8% notes on June 24

By Marisa Wong

Madison, Wis., May 23 - Sabra Health Care REIT, Inc. subsidiaries Sabra Health Care LP and Sabra Capital Corp. said they issued a redemption notice on Thursday for $113.75 million of their 8 1/8% senior notes due 2018.

The notes will be redeemed at 108.125 plus accrued interest to the redemption date, which is expected to be June 24.

The called amount represents 35% of the total principal amount of 8 1/8% notes outstanding, according to an 8-K filing with the Securities and Exchange Commission.

The companies expect to use proceeds from their $200 million offering of new 5 3/8% senior notes due 2023 to fund the redemption.

Sabra Health Care is an Irvine, Calif.-based real estate investment trust that owns and invests in real estate properties for the health care industry.

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