OMNICARE, INC. CINCINNATI, November 11, 2014 - Omnicare, Inc. (NYSE: OCR) (the "Company") announced today an adjustment to the conversion rate of its 3.75% Convertible Senior Subordinated Notes due 2042 (the "2042 Notes").
Effective immediately, the adjusted conversion rate for the 2042 Notes is 24.5154 shares of common stock per $1,000 principal amount of the 2042 Notes, or approximately $40.79 per share. The conversion rate per $1,000 principal amount of the 2042 Notes was previously 24.3607 shares of common stock per $1,000 principal amount of the 2042 Notes.
The conversion rate for the 2042 Notes was adjusted by the Company to give effect to carry-forward adjustments related to the Company's 2014 regular quarterly dividend payments and in connection with the notice of redemption for all of the outstanding 2042 Notes issued by the Company on November 10, 2014. The adjusted conversion rate will be applied to each day of the applicable 25 trading day cash settlement averaging period for any 2042 Notes converted on or prior to December 9, 2014.
Each holder of the 2042 Notes may convert all or a portion of such holder's 2042 Notes on or prior to December 9, 2014, subject to the terms and conditions of the indenture governing the 2042 Notes. Upon conversion, the Company will pay (1) cash and shares of its common stock, if any, based on a daily conversion value calculated on a proportionate basis for each day of the applicable 25 trading day cash settlement averaging period and (2) cash in an amount equal to $56.0526 per $1,000 principal amount of 2042 Notes representing the make-whole payment specified by the indenture.
About Omnicare
Omnicare, Inc., a Fortune 500 company based in Cincinnati, Ohio, provides comprehensive pharmaceutical services to patients and providers across the United States. As the market-leader in professional pharmacy, related consulting and data management services for skilled nursing, assisted living and other chronic care institutions, Omnicare leverages its unparalleled clinical insight into the geriatric market along with some of the industry's most innovative technological capabilities to the benefit of its long-term care customers. Omnicare also provides specialty pharmacy and key commercialization services for the bio-pharmaceutical industry through its Specialty Care Group. For more information, visit www.omnicare.com:
http://www.omnicare.com.
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Contact:
Patrick C. Lee
(513) 719-1507
patrick.lee@omnicare.com
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Omnicare via Globenewswire
