COVINGTON, Ky.--(BUSINESS WIRE)--March 8, 2005--Omnicare, Inc. (NYSE:OCR) announced today that it has completed its offer to exchange up to $345 million aggregate liquidation amount of the 4.00% Trust Preferred Income Equity Redeemable Securities (the "Old Trust PIERS") of Omnicare's subsidiary, Omnicare Capital Trust I, for an equal amount of the Series B 4.00% Trust Preferred Income Equity Redeemable Securities (the "New Trust PIERS") of Omnicare's subsidiary, Omnicare Capital Trust II, plus an exchange fee of $0.125 per $50 stated liquidation amount of Old Trust PIERS. The New Trust PIERS have substantially similar terms to the Old Trust PIERS, except that the New Trust PIERS have a net share settlement feature. The exchange offer expired at midnight, New York City time, on March 7, 2005.
