Omnicare amends credit agreement to extend maturity, cut interest

By Jennifer Chiou

New York, Nov. 18 – Omnicare, Inc. entered into on Nov. 13 an amendment to its credit agreement with SunTrust Bank as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The changes, among other things, extend the maturity date of the revolving credit facility and the term loan facility to Nov. 13, 2019, reduce the applicable margin on borrowings by 25 basis points and increase the outstanding term loan borrowings to $400 million from $382.5 million.

The amendment also involves other changes to the restrictive and financial covenants.

The filing noted that the amended credit agreement consists of a $300 million five-year senior unsecured revolving credit facility and a $400 million five-year senior unsecured term loan facility.

Omnicare is a Cincinnati-based provider of pharmaceutical services to patients and providers.

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