U.S. pharmacy services provider Omnicare Inc. is replacing its existing $400 million senior secured credit facility with a new $750 million senior unsecured credit facility, consisting of a $300 million revolving credit facility and a $450 million term loan A. The company intends to use the proceeds from the term loan A to redeem at least $425 million of its $525 million 6.875% senior subordinated notes due 2015. We are assigning a 'BBB-' issue-level rating and '1' recovery rating to the senior unsecured credit facility. At the same time, we are affirming all of our existing ratings on Omnicare, including our 'BB' corporate credit rating on the company. The stable outlook reflects Omnicare's recently improved operating performance but also reflects...
Companies mentioned in this report are: Omnicare Inc.
Action: New Rating
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