Omega Authorizes $100 Million Stock Repurchase Program
Omega Healthcare Investors, Inc. (NYSE: OHI), announced today that its Board of Directors has authorized the repurchase of up to $100 million of its outstanding common stock, from time to time over the next 12 months. As of August 30, 2011, Omega had approximately 103 million shares of common stock outstanding.
Omega is authorized to repurchase shares of its common stock in open market and privately negotiated transactions or in any other manner as determined by Omega's management and in accordance with applicable law. The timing and amount of stock repurchases will depend on a variety of factors, including market conditions and corporate and regulatory considerations. The Company has no obligation to repurchase any amount of its common stock, and such repurchases, if any, may be discontinued at any time.
The stock repurchase program will be funded using borrowings under Omega's new $475 million unsecured revolving credit facility.
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