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Hunt Valley-based Omega Healthcare to repurchase up to $100M of stock

Omega Healthcare Investors Inc. of Hunt Valley said its board of directors has authorized the repurchase of up to $100 million of its outstanding common stock over the next year.

The company had approximately 103 million shares of common stock outstanding as of Aug. 30. Stock purchases will take place periodically both in the open market and in privately negotiated transactions.

The stock repurchase program will be funded with borrowings under Omega’s new $475 million unsecured revolving credit facility.

Omega is a real estate investment trust that invests in the long-term care industry.