| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers O > Headlines for Omnicare Inc. > News item |
CVS Health wraps tender offer for Omnicare’s 4.75% notes, 5% notes
By Susanna Moon
Chicago, Oct. 21 – CVS Health Corp. said investors tendered for exchange another $2,565,000 of the $400 million 4.75% senior notes due 2022 and $1,575,000 more of the $300 million 5% senior notes due 2024, each series issued by Omnicare, Inc.
In all, the company obtained tenders for $387,366,000 of the 4.75% notes and $296,304,000 of the 5% notes, according to a company notice.
The exchange offers began on Sept. 22 and ended at 11:59 p.m. ET on Oct. 20.
As previously announced, investors had tendered $384,801,000, or 96.2%, of the 4.75% notes and $294,729,000, or 98.2%, of the 5% notes as of 5 p.m. ET on Oct. 5, the early tender date.
In exchange for tendered notes, CVS Health offered to issue new 4.75% senior notes due 2022 and new 5% senior notes due 2024.
The total exchange value for the early tenders 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 tendered 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.
The company previously said it secured the needed consents for a majority of each series of notes, and the proposed amendments for each series were approved.
As a result, Omnicare executed a supplemental indenture to the notes.
The company solicited consents to amend the notes to eliminate substantially all restrictive covenants and events of default and other note provisions.
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.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.