Navigation Links
CVS Caremark Corporation Announces Receipt of Requisite Consents, Termination of Replacement Capital Covenant and Expiration of Consent Solicitation Relating to its 6.125% Senior Notes due August 15, 2016 (CUSIP NO. 126650BE9)
Date:8/22/2011

WOONSOCKET, R.I., Aug. 22, 2011 /PRNewswire/ -- CVS Caremark Corporation (NYSE: CVS) announced today the results of its previously announced solicitation of consents (the "Consent Solicitation") from the registered holders as of 5:00 p.m., New York City time on August 8, 2011 (the "Record Date") of its 6.125% Senior Notes due August 15, 2016 (the "Notes") to terminate the replacement capital covenant, which was entered into on May 25, 2007, for the benefit of the holders of the Notes in connection with the issuance of its 6.302% Enhanced Capital Advantaged Preferred Securities due 2062 (the "ECAPS").  Under the replacement capital covenant, CVS Caremark was prohibited from repurchasing, redeeming or repaying its ECAPS on or before June 1, 2047 unless a specified portion of the funds used to repay, redeem or repurchase the ECAPS were obtained by CVS Caremark through the sale of common stock or certain other equity or equity-like securities.

(Logo: http://photos.prnewswire.com/prnh/20090226/NE75914LOGO)

The Consent Solicitation expired at 5:00 p.m., New York City time, on August 22, 2011.  The termination of the replacement capital covenant required the consent of the holders of a majority in aggregate principal amount of the outstanding Notes (the "Requisite Consents").  Based on the final tabulation provided by the Information and Tabulation Agent for the Consent Solicitation, D.F. King & Co., Inc., the holders of approximately 619,838,000 Notes, or approximately 88.55% of the aggregate principal amount outstanding, delivered duly executed consents prior to the expiration of the Consent Solicitation.

CVS Caremark has executed a termination of the replacement capital covenant and will make a cash payment to each holder of the Notes of $15.00 per $1,000 in principal amount of the Notes as to which a duly executed consent was delivered and not revoked on or prior to the expiration of the Consent Solicitation.  

For a complete statement of the terms and conditions of the Consent Solicitation, holders of the Notes should refer to the Consent Solicitation Statement and the consent form dated August 9, 2011.  Copies of the Consent Solicitation Statement and the consent form may be obtained from D.F. King & Co., Inc. at (800) 949-2583 (toll-free).

Barclays Capital Inc. and RBS Securities Inc. acted as the Solicitation Agents for the Consent Solicitation. 

About the Company:

CVS Caremark is the largest pharmacy health care provider in the United States with integrated offerings across the entire spectrum of pharmacy care. We are uniquely positioned to engage plan members in behaviors that improve their health and to lower overall health care costs for health plans, plan sponsors and their members. CVS Caremark is a market leader in mail order pharmacy, retail pharmacy, specialty pharmacy, and retail clinics, and is a leading provider of Medicare Part D Prescription Drug Plans. As one of the country's largest pharmacy benefits managers (PBMs), we provide access to a network of approximately 65,000 pharmacies, including approximately 7,300 CVS/pharmacy® stores that provide unparalleled service and capabilities. Our clinical offerings include our signature Pharmacy Advisor™ program as well as innovative generic step therapy and genetic benefit management programs that promote more cost effective and healthier behaviors and improve health care outcomes. General information about CVS Caremark is available through the Company's website at http://info.cvscaremark.com.

Forward-looking Statements:

This press release contains certain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company strongly recommends that you become familiar with the specific risks and uncertainties outlined under the Risk Factors section in our Annual Report on Form 10-K for the year ended December 31, 2010 and under the section entitled "Cautionary Statement Concerning Forward-Looking Statements" in our most recently filed Quarterly Report on Form 10-Q.  


'/>"/>
SOURCE CVS Caremark Corporation
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. CVS Caremark Appoints Mark S. Cosby as President of CVS/pharmacy
2. CVS Caremark, Harvard and Brigham and Womens Researchers Say Medicare Donut Hole Can Lead to a Decrease in Medication Adherence
3. CVS Caremark Corporation Announces Consent Solicitation Relating to Its 6.125% Senior Notes Due August 15, 2016 (CUSIP NO. 126650 BE 9)
4. CVS Caremark Reports Second Quarter Results
5. CVS Caremark Showcases Workplace and Marketplace Diversity at 2011 National Urban League Conference
6. CVS Caremark Corporation to Hold Second Quarter 2011 Conference Call
7. Access Pharmaceuticals MuGard Added to CVS Caremarks Pharmacy Benefit Network
8. CVS Caremark, Harvard and Brigham and Womens Research Shows Generic Medications are Changing the Economics of Treating Chronically Ill Patients
9. CVS Caremark Corporation Announces Quarterly Dividend
10. CVS Caremark to Present at the Jefferies 2011 Global Consumer Conference
11. CVS Caremark and Area Colleagues Provide $40,000 of Support to Tornado Relief Efforts in Joplin, MO
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:12/7/2016)... , Dec. 7, 2016 Diplomat Pharmacy, Inc. (NYSE: DPLO) ... subsidiaries—American Homecare Federation, At-Home IV Infusion Professional, BioRx, MedPro Rx, and ... infusion services, visit diplomat.is/specialty-infusion .  ... Diplomat Specialty Pharmacy (PRNewsFoto/Diplomat Pharmacy, ... "As we continue to build on ...
(Date:12/7/2016)... ZIONA SCIENCE PARK , Israel ... company Kadimastem (TASE: KDST) announced today the signing of a memorandum ... between the companies. The synergy between the companies will assist in ... as a worldwide leader in innovative treatment for severe diseases in ... ...
(Date:12/7/2016)... -- Based on its recent analysis of the ... recognizes Nemaura Pharma Limited with the 2016 ... Technology Leadership. Nemaura Pharma,s transdermal drug delivery ... delivery technologies, especially in delivering biologics. Its ... Memspatch and Micropatch respectively, facilitate minimally painful ...
Breaking Medicine Technology:
(Date:12/7/2016)... ... December 07, 2016 , ... It is vital for any ... useful, properly analyzed data. The team at Beckman Coulter has designed Kaluza, templates with ... speed' and the need to operate in a GLP (Good Laboratory Practice) fashion. , ...
(Date:12/7/2016)... ... , ... When it came time to blow out his candles on his 14th birthday, Estefano ... Heart Transplant team at Joe DiMaggio Children’s Hospital surprised his family with a phone ... transplant recipient. , “He was playing at home, when we got the phone call ...
(Date:12/7/2016)... ... December 07, 2016 , ... One of two inventors from ... securement tape is painful for her. "This is why the co-inventor and I have ... said. , They then created a prototype of the patent-pending AV-AIR, a device that ...
(Date:12/7/2016)... ... December 07, 2016 , ... ... announce that its fully redesigned website, which launched October 17, 2016, features comprehensive ... responsive design and easy-to-navigate layout. Visitors and patients can discover the latest clinical ...
(Date:12/7/2016)... Studio City, CA (PRWEB) , ... December 07, 2016 , ... ... number during the holidays and winter seasons. One major study analyzing heart attacks ... January compared to August of a given year. We would all agree of course–no ...
Breaking Medicine News(10 mins):