Omnicare's Series A and Series B Trust PIERS to Accrue Contingent Interest
CINCINNATI, April 8, 2014 - Omnicare, Inc. OCR today announced an adjustment to the conversion rate of its 3.75% Convertible Senior Subordinated Notes due 2025 (the "2025 Notes").
Effective March 10, 2014, the adjusted conversion rate for the 2025 Notes is 37.2532 shares of common stock per $1,000 principal amount of the 2025 Notes, or approximately $26.84 per share.
The conversion rate for the 2025 Notes is adjusted in connection with the regular quarterly dividend of $0.20 paid on March 27, 2014, to all stockholders who owned shares of Omnicare common stock on March 12, 2014, the record date. The conversion rate per $1,000 principal amount for the 2025 Notes was previously 36.8808 shares of common stock.
Additionally, Omnicare announced that for the period from March 15, 2014 to June 14, 2014 its Series A and Series B Trust Preferred Income Equity Redeemable Securities OCR (the "Trust PIERS") will, subject to the terms of the Trust PIERS, accrue contingent interest at a rate of 0.125% of the average trading price of the Trust PIERS for the five trading days ended March 13, 2014, in addition to the continued accrual of regular cash interest. Contingent cash interest, which Omnicare has determined to be approximately $0.0896 per $50 stated liquidation amount of Trust PIERS, will be payable to holders of the Trust PIERS as of the record date, which is June 13, 2014. The payment of contingent cash interest is expected to be made on June 16, 2014.
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 key commercialization services for the bio-pharmaceutical industry through its Specialty Care Group. For more information, visit 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
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