Omnicare upsizes revolver to $400 million, cuts pricing by 25 bps

By Sara Rosenberg

New York, May 11 - Omnicare Inc. increased the size of its five-year revolving credit facility (Baa3/BBB-) to $400 million from $350 million and lowered pricing by 25 basis points at every level of the grid, according to a market source.

As a result of the pricing change, opening pricing on the revolver is Libor plus 300 bps, down from Libor plus 325 bps, the source said.

The revolver has a 50 bps unused fee.

SunTrust, JPMorgan, Barclays and Citigroup are the bookrunners on the deal, with SunTrust the left lead.

Proceeds will be used for general corporate purposes.

Senior leverage is around 1.43 times and total leverage is around 3.64 times.

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

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