The funds will be used for a variety of purposes, including the refinancing of two of the company's previous revolving credit facilities. One of those pre-existing credit facilities is with Fleet National Bank for $160 million--originally, $175 million--and is scheduled to expire in December of this year. The other is for $65 million--originally $75 million, until the company prepaid $10 million of the sum in late 2001--and expires at the end of June in 2005. Other monies from the new $225 million credit facility will be steered toward issuing letters of credit, paying accrued preferred dividends and handling other general corporate obligations. "This financing significantly extends Omega's maturing debt, while providing Omega with broad flexibility in managing the current portfolio, making decisions regarding dividend reinstatement and providing for future growth opportunities," Omega CEO Taylor Pickett says.

As of the end of the first quarter, Omega owns or holds mortgages on 221 skilled nursing and assisted-living locales across 28 states in the US. According to the REIT's most recent quarterly report to the Securities and Exchange Commission, its real estate property assets total just over $715 million.