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.