COVINGTON, Ky.--(BUSINESS WIRE)--Feb. 7, 2005--Omnicare, Inc. (NYSE: OCR) announced today that it has commenced an exchange offer under which holders of up to $345 million aggregate liquidation value of the 4.00% Trust Preferred Income Equity Redeemable Securities (the “Old Trust PIERS”) of Omnicare’s subsidiary, Omnicare Capital Trust I, may exchange such Old Trust PIERS for Series B 4.00% Trust Preferred Income Equity Redeemable Securities (the “New Trust PIERS”) of Omnicare’s subsidiary, Omnicare Capital Trust II, and an exchange fee of $0.125 per $50 stated liquidation amount of Old Trust PIERS. The Old Trust PIERS are convertible under certain circumstances into the Company’s common shares and pay a fixed quarterly cash distribution, and under certain circumstances pay contingent distributions. The New Trust PIERS will have substantially similar terms to the Old Trust PIERS, except that the New Trust PIERS will have a net share settlement feature.
