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Research Update: Omnicare Inc. New Senior Unsecured Credit Facility Assigned 'BBB-' Rating (Recovery: 1); 'BB' Rating Affirmed Aug 11 Product Image

Research Update: Omnicare Inc. New Senior Unsecured Credit Facility Assigned 'BBB-' Rating (Recovery: 1); 'BB' Rating Affirmed Aug 11

  • ID: 1856431
  • August 2011
  • Standard & Poors

Abstract
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: Affirmed
Action: New Rating

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

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