Omnicare Announces Conversion Rate Adjustment for Convertible Debentures; Series A and Series B Trust PIERS to Accrue Contingent Interest

CINCINNATI, January 9, 2015 - Omnicare, Inc. (NYSE: OCR) (the "Company") announced today an adjustment to the conversion rate of its 3.25% Convertible Senior Debentures due 2035 and its 3.25% Convertible Senior Exchange Debentures due 2035 (collectively, the "2035 Debentures").  Effective December 17, 2014, the adjusted conversion rate for the 2035 Debentures is 12.9869 shares of common stock per $1,000 principal amount, or approximately $77.00 per share. 

The conversion rate for the 2035 Debentures was previously 12.8395 shares of common stock per $1,000 principal amount and was adjusted in connection with the Company's regular quarterly dividend of $0.22 paid on December 26, 2014 to all stockholders of record on the record date of December 16, 2014. 

Omnicare also announced that, for the period from December 15, 2014 to March 14, 2015, its Series A and Series B Trust Preferred Income Equity Redeemable Securities (NYSE: OCR.PRA and OCR.PRB) (the "Trust PIERS") will, subject to the terms of the Trust PIERS, accrue contingent interest at a rate of 0.125% of the average trading price of the Trust PIERS for the five trading days ended December 11, 2014, in addition to the continued accrual of regular cash interest.  As previously announced, the Trust PIERS have accrued and paid contingent interest (ranging from $0.07 to $0.10 per $50 stated liquidation amount of Trust PIERS) for each quarterly interest period since June 2013. 

Contingent cash interest, which Omnicare has determined to be approximately $0.1086 per $50 stated liquidation amount of Trust PIERS for the current interest period, will be payable to holders of the Trust PIERS as of the record date of March 13, 2015.  The payment of contingent cash interest is expected to be made on March 16, 2015.   

About Omnicare

Omnicare, Inc., a Fortune 500 company based in Cincinnati, Ohio, provides comprehensive pharmaceutical services to patients and providers across the United States.  As the market leader in professional pharmacy, related consulting and data management services for skilled nursing, assisted living and other chronic care institutions, Omnicare leverages its unparalleled clinical insight into the geriatric market along with some of the industry's most innovative technological capabilities to the benefit of its long-term care customers.  Omnicare also provides specialty pharmacy and key commercialization services for the bio-pharmaceutical industry through its Specialty Care Group.  For more information, visit www.omnicare.com.   

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Contact:
Patrick C. Lee
(513) 719-1507
patrick.lee@omnicare.com