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Omnicare begins offer to buy $525M in debentures

Wed, 11/17/2010 - 5:46pm
The Associated Press

Omnicare Inc., which sells drugs to nursing homes and long-term care facilities, said Wednesday it began a tender offer for up to $525 million of its 3.25 percent convertible senior debentures due 2035.

The company said the tender offer will expire Dec. 15. Debentures are used as a way for companies to borrow money.

As of Nov. 16, Omnicare had about $977.5 million in outstanding debentures.

Barclays Capital Inc. is the dealer manager for the tender offer.

Shares of Omnicare rose a penny after the tender offer was announced in after-hours trading. In the regular session, the stock gained 6 cents to close at $24.34.

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