Omnicare Announces Conversion Rate Adjustment for Convertible Notes; Series A and Series B Trust PIERS to Accrue Contingent I...
March 27 2015 - 5:30PM
CINCINNATI, March
27, 2015 - Omnicare, Inc. (NYSE: OCR) (the "Company") announced
today an adjustment to the conversion rate of its 3.75% Convertible
Senior Subordinated Notes due 2025 (the "2025 Notes").
Effective March 10, 2015, the adjusted conversion rate for the 2025
Notes is 37.6440 shares of common stock per $1,000 principal
amount, or approximately $26.56 per share.
The conversion rate for the 2025
Notes was previously 37.2532 shares of common stock per $1,000
principal amount and was adjusted in connection with the Company's
regular quarterly dividend of $0.22 per share paid on March 27,
2015 to all stockholders of record on March 12, 2015.
Omnicare also announced that, for
the period from March 15, 2015 to June 14, 2015, its Series A and
Series B Trust Preferred Income Equity Redeemable Securities (NYSE:
OCR.PRA and OCR.PRB) (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 12, 2015, in addition to the continued
accrual of regular cash interest. As previously announced,
the Trust PIERS have accrued and paid contingent interest (ranging
from $0.07 to $0.11 per $50 stated liquidation amount of Trust
PIERS) for each quarterly interest period since June
2013.
Contingent cash interest, which
Omnicare has determined to be approximately $0.1148 per $50 stated
liquidation amount of Trust PIERS for the current interest period,
will be payable to holders of the Trust PIERS as of the record date
of June 12, 2015. The payment of contingent cash interest is
expected to be made on June 15, 2015.
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.
# # #
Contact:
Patrick C. Lee
(513) 719-1507
patrick.lee@omnicare.com
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
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
HUG#1905962