Omnicare to sell $700 million senior notes in two bullet tranches

By Paul A. Harris

Portland, Ore., Nov. 5 – Omnicare, Inc. began a two-day roadshow on Wednesday in New York for a $700 million two-part offering of non-callable senior notes, according to a syndicate source.

The roadshow continues on Thursday in New York and New Jersey, and the deal is set to price thereafter.

A national investor conference call is set for Wednesday, with further investor calls expected on Thursday.

The public offering is coming in tranches of notes that will mature in 2022 and in 2024. The tranche sizes remain to be determined.

BofA Merrill Lynch is the left bookrunner. Barclays, Goldman Sachs & Co., J.P. Morgan Securities LLC and SunTrust Robinson Humphrey Inc. are the joint bookrunners.

MUFG, U.S. Bancorp Investments Inc., Huntington, KeyBanc Capital Markets LLC, Fifth Third Securities Inc., Regions and SMBC Nikko are the co-managers.

The notes in both tranches feature 101% poison puts.

The Cincinnati-based provider of pharmaceutical services plans to use the proceeds to fund the redemption of its 2020 notes and for general corporate purposes, including, without limitation, refinancing a portion of other outstanding debt securities, including convertibles.

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