Owens & Minor, Inc. (NYSE:OMI), a distributor of medical and surgical supplies, announced today the redemption of all its outstanding 4.37% Senior Notes due 2024. The redemption, which took place on Monday, involved a total aggregate principal amount of $171,322,000.
The company stated that the redemption price was set at 100% of the principal amount of the Notes, in addition to accrued and unpaid interest up to, but not including, the redemption date. Following this transaction, the Notes are no longer considered outstanding, and interest has ceased to accrue as of Monday.
This financial maneuver comes as part of Owens & Minor's debt management strategy, allowing the company to address its near-term debt obligations. The redemption aligns with the terms outlined in the indenture governing the Notes.
Owens & Minor, headquartered in Mechanicsville, Virginia, has a history dating back to its former names such as O&M Holding Inc and Owens Minor & Bodeker Inc. The company has been incorporated in Virginia and is recognized under the Standard Industrial Classification for Wholesale-Medical, Dental & Hospital Equipment & Supplies.
The redemption of these Senior Notes may be part of the company's broader capital allocation and balance sheet management strategies. However, the press release did not elaborate on the reasons behind the redemption or its potential impact on the company's financial position.
Owens & Minor's stock is traded on the New York Stock Exchange under the ticker symbol OMI. As of the close of business on the redemption date, the company's legal and financial teams, including Executive Vice President, General Counsel & Corporate Secretary Heath H. Galloway, have completed all necessary actions to effectuate the redemption.
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