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CVS Health gets consents to amend Omnicare’s 4.75% notes, 5% notes
By Susanna Moon
Chicago, Oct. 6 – CVS Health Corp. said investors had tendered $384,801,000, or 96.2%, of the $400 million 4.75% senior notes due 2022 and $294,729,000, or 98.2%, of the $300 million 5% senior notes due 2024, each series issued by Omnicare, Inc.
The results are as of 5 p.m. ET on Oct. 5, the early tender date, in the private exchange offers for the Omnicare notes.
The company has secured the needed consents for a majority of each series of notes, and the proposed amendments for each series have been approved, according to a company notice.
As a result, Omnicare will execute a supplemental indenture to the notes, which will become effective on the early settlement date of Oct. 9.
The company is soliciting consents to amend the notes to eliminate substantially all restrictive covenants and events of default and other note provisions, as previously announced.
In exchange for tendered notes, CVS Health is offering to issue new 4.75% senior notes due 2022 and new 5% senior notes due 2024.
The exchange offers will continue until 11:59 p.m. ET on Oct. 20. The offers began Sept. 22.
The total exchange value will be par plus $2.50 in cash for each $1,000 principal amount of notes tendered for exchange by the early tender deadline.
The total amount includes an early tender premium of $30 principal amount per $1,000 of notes.
Holders who tender their notes for exchange after the early deadline will receive $970 principal amount of new notes in exchange for each $1,000 principal amount plus $2.50 in cash.
Tendered notes may no longer be withdrawn as of the early tender deadline.
D.F. King & Co., Inc. (800 814-9324, 212 269-5550 or dfking.com/Omnicare) is the information agent.
CVS is a pharmacy retailer based in Scarsdale, N.Y. Omnicare is a Cincinnati-based provider of pharmaceutical services.
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