CapitalSource Inc. (CSE) said it it received around $119 million of cash proceeds from HUD mortgage financing on long-term care properties, on December 24, which will be included among the 40 facilities expected to be sold to Omega Healthcare Investors Inc. (OHI) on or about April 1, 2010, as per the terms of the Securities Purchase deal between the parties announced on November 17, 2009.
The company said it used the proceeds from the HUD mortgages to add to parent company liquidity and reduce the committed capacity of its syndicated bank facility to $325 million.
"With these closings and the prior announced sale of 37 skilled nursing homes, we have realized about $347 million before expenses of about $495 million anticipated from the monetization of our net lease asset portfolio," commented James Pieczynski, President of the CapitalSource Healthcare Real Estate business. "The debt reduction and added liquidity from the transactions closed last week significantly strengthen our balance sheet going into 2010," stated Donald Cole, CapitalSource Finance chief.
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