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Sabra Health Care REIT units net $340.5M in debt offering

Two Sabra Health Care REIT Inc. subsidiaries closed a $350 million public offering of 3.90% senior notes due 2029.

A portion of the net proceeds of the offering, which amounted to about $340.5 million, will be used by Sabra Health Care LP and Sabra Capital Corp. to redeem their 5.375% senior notes due 2023. The remainder will go toward the repayment of outstanding borrowings on an unsecured revolving credit facility.

The 2023 notes are redeemable at a cash redemption price of 101.792% of the principal amount, plus accrued and unpaid interest to, but excluding, the redemption date of Oct. 27.

Wells Fargo Bank NA is the trustee for the notes.