COVINGTON, Ky.--(BUSINESS WIRE)--Omnicare, Inc. (NYSE: OCR), one of the nation's leading providers of pharmaceutical care for the elderly, announced today a series of related capital restructuring initiatives. The Company has commenced a tender offer (the “Tender Offer”) for cash to purchase any and all of the $225 million outstanding principal amount of its 6.75% senior subordinated notes due 2013 (the “Notes”). The Company also announced that in order to fund the Tender Offer, subject to market conditions, it intends to conduct a public offering of a minimum of $300 million aggregate principal amount of new long-term senior subordinated debt securities ("Proposed Offering") prior to the expiration of the Tender Offer. Finally, the Company intends to use the remaining proceeds from the Proposed Offering for general corporate purposes, including a new share repurchase program under which the Company is authorized to repurchase outstanding shares of common stock of the Company from time to time in an amount not to exceed $200 million.
