Omnicare accepts $525 million of 3.25% convertibles in tender offer

By Marisa Wong

Madison, Wis., Dec. 16 - Omnicare, Inc. said it received tenders for $748,226,000 of its 3.25% convertible senior debentures due 2035 and accepted $525 million of those debentures for payment.

The company began a cash tender offer for up to $525 million of the 3.25% convertibles on Nov. 17. The offer expired at 11:59 p.m. ET on Dec. 15.

Holders who tendered their debentures by the expiration date will receive $950 for each $1,000 of debentures, plus interest to but excluding the payment date. The total consideration for the purchased debentures is about $498.8 million.

The company accepted the debentures on a pro rata basis among the tendering holders.

Following the purchase, $452.5 million principal amount of the debentures remains outstanding.

Barclays Capital Inc. (800 438-3242 or 212 528-7581) was the dealer manager for the offer. D.F. King & Co., Inc. (888 887-0082 or 212 269-5550) was the information agent and depositary.

Omnicare is a Covington, Ky.-based pharmaceutical services company.

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