Published on 6/10/2003 in the Prospect News High Yield Daily.
New Issue: Omnicare $250 million 10-year notes yield 6 1/8%
By Paul A. Harris
St. Louis, June 10 - Omicare, Inc. sold $250 million of senior subordinated notes due June 1, 2013 (Ba2/BB+) at par Tuesday to yield 6 1/8%, according to a syndicate source.
Price talk was for a yield of 6 1/8%-6 3/8%.
Lehman Brothers, JP Morgan and UBS Warburg were joint bookrunners for the registered deal. SunTrust Robinson Humphrey, Wachovia Securities and CIBC World Markets were co-mangers.
Proceeds will be used to help repay the company's existing $474 million credit facility.
The Covington, Ky.-based issuer provides pharmacy and related services to institutional health care facilities.
Issuer: | Omnicare, Inc.
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Amount: | $250 million
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Maturity: | June 1, 2013
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Security description: | Senior subordinated notes
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Bookrunners: | Lehman Brothers, JP Morgan, UBS Warburg (joint)
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Co-managers: | SunTrust Robinson Humphrey, Wachovia Securities, CIBC World Markets
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Coupon: | 6 1/8%
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Price: | Par
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Yield: | 6 1/8%
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Spread: | 290 basis points
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Call features: | Treasuries plus 50 basis points make-whole call until June 1, 2008, then at 103.063, 102.042, 101.021, declining to par on June 1, 2011 and thereafter
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Equity clawback: | Until June 1, 2006 for 35% at 106.125
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Settlement date: | June 13, 2003
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Ratings: | Moody's: Ba2
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| Standard & Poor's: BB+
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Cusip: | 681904AG3
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Price talk: | 6 1/8%-6 3/8%
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