Omnicare launches tender for its $225 million 6¾% notes due 2013

New York, May 3 - Omnicare Inc. launched a tender for its $225 million of 6¾% senior subordinated notes due 2013.

The company is also soliciting consents to amend the note indenture to eliminate most of the restrictive covenants and some events of default and make other changes.

For each $1,000 principal amount, Omnicare is offering $1,033.75. The total includes an early tender payment of $30.00 per $1,000. Holders must tender and deliver consents by the early tender deadline of 5 p.m. ET on May 14 to receive the full amount.

Omnicare will also pay accrued interest up to but excluding the payment date.

The tender ends at 11:59 p.m. ET on May 28.

Omnicare needs consents for a majority of the notes. Holders who tender must deliver consents and consents may not be given without tendering the notes.

J.P. Morgan Securities Inc. (800 245-8812 or call collect 212 270-3994) and SunTrust Robinson Humphrey, Inc. (call collect 404 926-5051) are dealer managers. The information agent and tender agent is D.F. King & Co., Inc. (888 887-0082 or call collect 212 269-5550).

To fund the tender, Omnicare will sell at least $300 million of new senior subordinated notes in a public offering.

Remaining proceeds will be used for general corporate purposes, including a new share repurchase program.

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

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