SunTrust Shopping Omnicare Term Loan

By Allison Bisbey

Published August 03, 2011, 6:32 p.m. EDT

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Updated August 03, 2011, 5:32 p.m. EDT

1 Min Read

SunTrust Banks Inc. is shopping a $450 million term loan for Omnicare to institutional investors.

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The targeted interest rate spread has yet to be established, according to a person familiar with the offering. Omnicare has roughly $1.95 billion of long-term debt, including three issues of senior, subordinated notes and three convertible debentures, according to a regulatory filing. At June 30, it had no term loans and no outstanding balance on its revolving credit line.

The institutional pharmacy is rated Ba3 by Moody's Investors Service and BB by Standard and Poor's.

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