CareTrust REIT announces $300M in senior notes

CareTrust REIT said that its subsidiaries intend to market $300 million in aggregate principal amount of unsecured senior notes due in 2025 in a public offering.

CareTrust said it would use a portion of the net proceeds from the offering to pay the redemption of senior notes due 2021. The company said it would use any remaining net proceeds to repay borrowings in its revolving credit and for general purposes that could include acquisitions.

KeyBanc Capital Markets, BMO Capital Markets and Barclays are acting as joint book-running managers for the New Notes offerings.

During its first quarter report last week, CareTrust noted it had invested around $55.3 million at a blended cash yield of 9.2% in five skilled nursing facilities and two assisted living/memory care facilities.

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