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Omnicare to sell $300 million senior subordinated notes
New York, May 3 - Omnicare, Inc. said it plans to sell at least $300 million of new senior subordinated notes in a public offering.
Proceeds will be used to find a tender for all $225 million of its 6¾% senior subordinated notes due 2013. Remaining proceeds will be used for general corporate purposes, including a new share repurchase program.
The company did not disclose further details on the note sale, but J.P. Morgan Securities Inc. and SunTrust Robinson Humphrey, Inc. are dealer managers for the tender, which has an early tender deadline of May 14 and expires on May 28.
Omnicare is a Covington, Ky.-based pharmaceutical services company.
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