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NeighborCare sets pricing in tender for 6 7/8% notes, receives consents
New York, Aug. 15 - Omnicare, Inc. and its NeighborCare, Inc. subsidiary announced that NeighborCare has set pricing in its cash tender offer for its $250 million principal amount of 6 7/8% senior subordinated notes due 2013.
NeighborCare has also received the necessary consents to amend the note indenture to eliminate most of the principal restrictive covenants and certain events of default and to amend other provisions.
By the consent deadline of 5 p.m. ET on Aug. 12, all the notes had been tendered. NeighborCare expects to buy them on Aug. 18.
The price to be paid is $1,096.85 per $1,000 principal amount including a $30.00 consent payment.
As announced on Aug. 1, for each $1,000 principal amount of notes, the price was set as a spread of 50 basis points over the bid-side yield to maturity of the 3 3/8% U.S. Treasury note due Nov. 15, 2008. The total includes a consent payment of $30.00 per $1,000. Pricing was fixed at 2 p.m. ET on Aug. 15.
NeighborCare will also pay accrued interest up to but excluding the date of payment.
The consent payment will only be made to holders who tendered with consents by 5 p.m. ET on Aug. 12.
The offer ends at midnight ET on Aug. 26.
The Covington, Ky., provider of pharmaceutical care for the elderly needed consents from holders of a majority of the notes.
Holders who tender will be required to consent and vice versa.
The offer is subject to a minimum condition and a supplemental indenture being executed.
Lehman Brothers Inc. is dealer manager and solicitation agent (800 438-3242 or call collect 212 528-7581). The information agent and tender agent is D.F. King & Co., Inc. (800 758-5378 or call collect 212 267-5550).
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