Omnicare`s Series A and Series B Trust PIERS to Accrue Contingent Interest
CINCINNATI, January 10, 2014 - Omnicare, Inc. (OCR) today announced adjustments to the conversion rates of its 3.25% Convertible Senior Debentures due 2035 (the "2035 Notes") and 3.75% Convertible Senior Subordinated Notes due 2042 (the "2042 Notes").
Effective December 17, 2013, the adjusted conversion rate for the 2035 Notes is 12.8395 shares of common stock per $1,000 principal amount of the 2035 Notes, or approximately $77.88 per share, and effective December 12, 2013 the adjusted conversion rate for the 2042 Notes is 24.3607 shares of common stock per $1,000 principal amount of the 2042 Notes, or approximately $41.05 per share.
The conversion rate for the 2035 Notes and 2042 Notes are adjusted in connection with the regular quarterly dividend of $0.20 paid on December 24, 2013, to all stockholders who owned shares of Omnicare common stock on December 16, 2013, the record date. The conversion rate per $1,000 principal amount for the 2035 Notes and 2042 Notes was previously 12.7008 share of common stock and 24.0964 shares of common stock, respectively.
Additionally, Omnicare announced that for the period from December 15, 2013 to March 14, 2014 its Series A and Series B Trust Preferred Income Equity Redeemable Securities (NYSE:OCR.PRA and OCR.PRB) (the "Trust PIERS") will, subject to the terms of the Trust PIERS, accrue contingent interest at a rate of 0.125% of the average trading price of the Trust PIERS for the five trading days ended December 12, 2013, in addition to the continued accrual of regular cash interest. Contingent cash interest, which Omnicare has determined to be approximately $0.0905 per $50 stated liquidation amount of Trust PIERS, will be payable to holders of the Trust PIERS as of the record date, which is March 14, 2014. The payment of contingent cash interest is expected to be made on March 17, 2014.
Omnicare, Inc., a Fortune 500 company based in Cincinnati, Ohio, provides comprehensive pharmaceutical services to patients and providers across the United States. As the market-leader in professional pharmacy, related consulting and data management services for skilled nursing, assisted living and other chronic care institutions, Omnicare leverages its unparalleled clinical insight into the geriatric market along with some of the industry`s most innovative technological capabilities to the benefit of its long-term care customers. Omnicare also provides key commercialization services for the bio-pharmaceutical industry through its Specialty Care Group. For more information, visit www.omnicare.com.
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Patrick C. Lee
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Source: Omnicare via GlobeNewswire