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Omnicare readies launch of $750 million credit facility for Wednesday
By Sara Rosenberg
New York, Aug. 2 - Omnicare Inc. is scheduled to hold a bank meeting on Wednesday to launch a proposed $750 million five-year unsecured credit facility, according to a market source.
SunTrust Robinson Humphrey Inc., J.P. Morgan Securities LLC, Barclays Capital Inc. and Goldman Sachs & Co. are the lead banks on the deal, with SunTrust the left lead.
The facility consists of a $300 million revolver and a $450 million term loan, with both tranches talked at Libor plus 250 basis points, the source said.
Proceeds will be used to refinance existing debt.
Net leverage is around 2.3 times.
Omnicare is a Covington, Ky.-based pharmaceutical services company.
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