TEXT-S&P comments on Sabra Health Care L.P.

Mon Jul 23, 2012 5:32pm EDT

July 23 - Standard & Poor's Ratings Services said today that its 'BB-' issue
rating on Irvine, Calif.-based Sabra Health Care L.P.'s 8.125% senior unsecured
notes that mature in November 2018 are unchanged by the company's $100 million
add-on.

Following today's announcement, the total amount of the company's 8.125% 
senior unsecured notes that mature in November 2018 will be $325 million. The 
company sold the original offering of $225 million of these securities on Oct. 
27, 2010. The notes are fully and unconditionally guaranteed, jointly and 
severally, on an unsecured basis, by Sabra Healthcare REIT and certain of the 
company's other existing and, subject to certain exceptions, future material 
subsidiaries. 

The company intends to use net proceeds from the offering to repay $42.5 
million outstanding on its amended secured revolving credit facility, and the 
remaining proceeds to fund possible future acquisitions or for general 
corporate purposes.

For our most recent analysis on Sabra Healthcare REIT, please see our summary 
analysis published Feb. 17, 2012.

Rating List

Sabra Health Care REIT Inc./Sabra Health Care L.P./Sabra Capital Corp.
  Corporate credit                       B+/Stable/--
  $325 mil. 8.125% senior 
  unsecured notes due Nov. 1, 2018       BB-
  Recovery rating                        2
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