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