8-K: Current report filing

NEWS RELEASE
CONTACTS:
GE HEALTHCARE FINANCIAL SERVICES
Leslie Krohn
312/441-7710
leslie.krohn@ge.com

OMEGA HEALTHCARE INVESTORS, INC.
Dan Booth, COO
Bob Stephenson, CFO
410/427-1700
InvestorRelations@omegahealthcare.com


OMEGA HEALTHCARE INVESTORS, INC. AND GE HEALTHCARE FINANCIAL SERVICES
CLOSE ON A NEW $225 MILLION CREDIT FACILITY


TIMONIUM, MARYLAND - JUNE 23, 2003 - Omega Healthcare Investors, Inc. (NYSE:
OHI) announced today that it closed on a new $225 million Senior Secured Credit
Facility. The transaction was arranged and syndicated by GE Healthcare Financial
Services.

The new Credit Facility includes a $125 million term loan and a $100 million
revolving line of credit. Proceeds from the loan will be used to refinance
Omega's two existing credit facilities and issue letters of credit. In addition,
proceeds from the loan may be used to pay accrued preferred dividends, and for
general corporate purposes. The loan has a four year term with a one year
extension option.

"GE Healthcare Financial Services' knowledge of the long term care industry and
their financial strength enabled them to quickly syndicate and close this
complex transaction to meet Omega's financial needs," said Taylor Pickett, CEO
of Omega Healthcare Investors, Inc. "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."

Kevin McMeen, Senior Vice President, GE Healthcare Financial Services, added,
"We're focused on helping companies like Omega meet their financial needs. The
company has an experienced management team, well-diversified healthcare
portfolio and improving collateral performance. We were able to provide a
flexible, creative financing structure, approve the deal in less than 30 days,
and close it shortly thereafter."

At the closing of this transaction, Omega has approximately $299 million in
total debt, including approximately $187 million drawn on the new $225 million
senior secured loan. Invested cash and revolver availability is approximately
$69 million.


ABOUT OMEGA HEALTHCARE INVESTORS, INC.
Omega is a Real Estate Investment Trust investing in and providing financing to
the long-term care industry. At March 31, 2003, the Company owned or held
mortgages on 221 skilled nursing and assisted living facilities with
approximately 21,900 beds located in 28 states and operated by 35 independent
healthcare operating companies. Omega Healthcare Investors' website is
www.omegahealthcare.com.

ABOUT GE HEALTHCARE FINANCIAL SERVICES
GE Healthcare Financial Services is the premier provider of capital, financial
solutions and related services for the global healthcare market. With $9 billion
in assets, GE Healthcare Financial Services offers a full range of financing
capabilities from equipment leasing and real estate financing to working capital
lending and vendor programs. With a dedicated focus and a deep knowledge of the
healthcare industry, GE Healthcare Financial Services collaborates with
customers to create tailored financial solutions that help them improve their
productivity and profitability. GE Healthcare Financial Services' website is
www.GEHealthcare.com.