CINCINNATI--(BUSINESS WIRE)--April 7, 2004--Roto-Rooter Inc.
(NYSE:RRR) (OTCBB:CHEQP) today announced that on May 18, 2004, it will
redeem all of the Convertible Trust Preferred Securities ("Preferred
Securities") of the Chemed Capital Trust for a redemption price of
$27.00 per $27.00 principal amount, plus all accrued and unpaid
distributions on the Preferred Securities to the redemption date.
Accordingly, an additional distribution of $.35 per security for the
period March 15, 2004, to May 18, 2004, will be paid to holders, for
an aggregate total price of $27.35 per security.
Holders of the Preferred Securities retain their right to convert
their Preferred Securities into shares of Roto-Rooter Inc. Capital
Stock until 5 p.m., EDT, May 17, 2004. Preferred Securities are
redeemable at the rate of .73 share of Roto-Rooter Capital Stock for
each $27.00 in aggregate principal amount of Preferred Securities, an
exchange ratio equal to a price of $37.00 per share.
All holders of Preferred Securities will be mailed the necessary
forms to effect the conversion, should they so choose, of their
Preferred Securities into shares of Roto-Rooter Inc. Capital Stock.
Holders who do not convert their Preferred Securities by 5 p.m., EDT,
May 17, 2004, will be paid the redemption price of $27.35 per
Approximately 518,000 shares of Preferred Securities were
outstanding as of April 1, 2004. Roto-Rooter Capital Stock closed on
April 1, 2004, at $54.16 per share.
Listed on the New York Stock Exchange and headquartered in
Cincinnati, Ohio, Roto-Rooter Inc. (www.rotorooterinc.com) operates in
the residential and commercial repair-and-maintenance-service industry
under the names Roto-Rooter and Service America Network Inc.
Roto-Rooter also operates in the healthcare field through its VITAS
Healthcare Corporation subsidiary. VITAS is the nation's largest
provider of end-of-life hospice care services. Roto-Rooter is North
America's largest provider of plumbing and drain cleaning services.
Service America provides major-appliance and heating/air-conditioning
repair, maintenance, and replacement services.
Statements in this press release or in other Roto-Rooter
communications may relate to future events or Roto-Rooter's future
performance. Such statements are forward-looking statements and are
based on present information Roto-Rooter has related to its existing
business circumstances. Investors are cautioned that such
forward-looking statements are subject to inherent risk that actual
results may differ materially from such forward-looking statements.
Further, investors are cautioned that Roto-Rooter does not assume any
obligation to update forward-looking statements based on unanticipated
events or changed expectations.
CONTACT: Roto-Rooter Inc.
David P. Williams, 513-762-6901
SOURCE: Roto-Rooter Inc.