Omnicare to redeem all 6 7/8% notes due 2015 with new notes proceeds

By Toni Weeks

San Diego, Sept. 15 - Omnicare, Inc. said it will use the proceeds of its planned $100 million offering of 7¾% senior subordinated notes due 2020 to redeem all of its outstanding 6 7/8% senior subordinated notes due Dec. 15, 2015, according to a filing with the Securities and Exchange Commission.

As of June 30, $525 million of the 6 7/8% notes due 2015 remained outstanding. Since then, Omnicare redeemed an additional $250 million of the notes and called another $175 million of the notes for redemption on Sept. 23, after which the amount of notes remaining will be $100 million.

Any remaining proceeds will be used for general corporate purposes.

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

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