UNITED STATES
SECURITIES EXCHANGE COMMISSION
Washington, D.C. 20549
-------------------------------------------------------------------------------
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )
PHARMERICA CORPORATION
----------------------
(Name of Issuer)
Common Stock, $.01 par value per share
--------------------------------------
(Title of Class of Securities)
71714F104
---------------
(CUSIP Number)
August 8, 2007
---------------------
(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Continued on following pages
Page 1 of 15 Pages
SCHEDULE 13G
CUSIP No.: 71714F104 Page 2 of 15 Pages
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
SAB CAPITAL PARTNERS, L.P.
................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [X]
(b) [ ]
................................................................................
3. SEC Use Only
................................................................................
4. Citizenship or Place of Organization
Delaware
................................................................................
Number of 5. Sole Voting Power - 0 -
Shares ..........................................................
Beneficially 6. Shared Voting Power 1,293,619
Owned by Each ..........................................................
Reporting 7. Sole Dispositive Power - 0 -
Person With ..........................................................
8. Shared Dispositive Power 1,293,619
................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
1,293,619
................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[ ]
................................................................................
11. Percent of Class Represented by Amount in Row (9)
4.31% based on 30,000,000 shares outstanding.
................................................................................
12. Type of Reporting Person:
PN
SCHEDULE 13G
CUSIP No.: 71714F104 Page 3 of 15 Pages
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
SAB CAPITAL PARTNERS II, L.P.
................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [X]
(b) [ ]
................................................................................
3. SEC Use Only
................................................................................
4. Citizenship or Place of Organization
Delaware
................................................................................
Number of 5. Sole Voting Power - 0 -
Shares ..........................................................
Beneficially 6. Shared Voting Power 28,379
Owned by Each ..........................................................
Reporting 7. Sole Dispositive Power - 0 -
Person With ..........................................................
8. Shared Dispositive Power 28,379
................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
28,379
................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[ ]
................................................................................
11. Percent of Class Represented by Amount in Row (9)
0.09% based on 30,000,000 shares outstanding.
................................................................................
12. Type of Reporting Person:
PN
SCHEDULE 13G
CUSIP No.: 71714F104 Page 4 of 15 Pages
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
SAB OVERSEAS MASTER FUND, L.P.
................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [X]
(b) [ ]
................................................................................
3. SEC Use Only
................................................................................
4. Citizenship or Place of Organization
Cayman Islands
................................................................................
Number of 5. Sole Voting Power - 0 -
Shares ..........................................................
Beneficially 6. Shared Voting Power 539,266
Owned by Each ..........................................................
Reporting 7. Sole Dispositive Power - 0 -
Person With ..........................................................
8. Shared Dispositive Power 539,266
................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
539,266
................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[ ]
................................................................................
11. Percent of Class Represented by Amount in Row (9)
1.8% based on 30,000,000 shares outstanding.
................................................................................
12. Type of Reporting Person:
PN
SCHEDULE 13G
CUSIP No.: 71714F104 Page 5 of 15 Pages
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
SAB CAPITAL ADVISORS, L.L.C.
................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [X]
(b) [ ]
................................................................................
3. SEC Use Only
................................................................................
4. Citizenship or Place of Organization
Delaware
................................................................................
Number of 5. Sole Voting Power - 0 -
Shares ..........................................................
Beneficially 6. Shared Voting Power 1,861,264
Owned by Each ..........................................................
Reporting 7. Sole Dispositive Power - 0 -
Person With ..........................................................
8. Shared Dispositive Power 1,861,264
................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
1,861,264
................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[ ]
................................................................................
11. Percent of Class Represented by Amount in Row (9)
6.2% based on 30,000,000 shares outstanding.
................................................................................
12. Type of Reporting Person:
OO
SCHEDULE 13G
CUSIP No.: 71714F104 Page 6 of 15 Pages
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
SAB CAPITAL MANAGEMENT, L.P.
................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [X]
(b) [ ]
................................................................................
3. SEC Use Only
................................................................................
4. Citizenship or Place of Organization
Delaware
................................................................................
Number of 5. Sole Voting Power - 0 -
Shares ..........................................................
Beneficially 6. Shared Voting Power 1,861,264
Owned by Each ..........................................................
Reporting 7. Sole Dispositive Power - 0 -
Person With ..........................................................
8. Shared Dispositive Power 1,861,264
................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
1,861,264
................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[ ]
................................................................................
11. Percent of Class Represented by Amount in Row (9)
6.2% based on 30,000,000 shares outstanding.
................................................................................
12. Type of Reporting Person:
PN
SCHEDULE 13G
CUSIP No.: 71714F104 Page 7 of 15 Pages
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
SAB CAPITAL MANAGEMENT, L.L.C.
................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [X]
(b) [ ]
................................................................................
3. SEC Use Only
................................................................................
4. Citizenship or Place of Organization
Delaware
................................................................................
Number of 5. Sole Voting Power - 0 -
Shares ..........................................................
Beneficially 6. Shared Voting Power 1,861,264
Owned by Each ..........................................................
Reporting 7. Sole Dispositive Power - 0 -
Person With ..........................................................
8. Shared Dispositive Power 1,861,264
................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
1,861,264
................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[ ]
................................................................................
11. Percent of Class Represented by Amount in Row (9)
6.2% based on 30,000,000 shares outstanding.
................................................................................
12. Type of Reporting Person:
OO
SCHEDULE 13G
CUSIP No.: 71714F104 Page 8 of 15 Pages
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
SCOTT A. BOMMER
................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [X]
(b) [ ]
................................................................................
3. SEC Use Only
................................................................................
4. Citizenship or Place of Organization
United States of America
................................................................................
Number of 5. Sole Voting Power - 0 -
Shares ..........................................................
Beneficially 6. Shared Voting Power 1,861,264
Owned by Each ..........................................................
Reporting 7. Sole Dispositive Power - 0 -
Person With ..........................................................
8. Shared Dispositive Power 1,861,264
................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
1,861,264
................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[ ]
................................................................................
11. Percent of Class Represented by Amount in Row (9)
6.2% based on 30,000,000 shares outstanding.
................................................................................
12. Type of Reporting Person:
IN
Page 9 of 15 Pages
Item 1(a). Name of Issuer:
PharMerica Corporation (the "Issuer").
Item 1(b). Address of Issuer's Principal Executive Offices:
1901 Campus Place, Louisville, KY 40299.
Item 2(a). Name of Person Filing:
This Statement is filed on behalf of each of the following
persons (collectively, the "Reporting Persons"):
i) SAB Capital Partners, L.P. ("SAB");
ii) SAB Capital Partners II, L.P. ("SAB II", and together with
SAB, the "Domestic Partnerships");
iii) SAB Overseas Master Fund, L.P. (the "Master Fund");
iv) SAB Capital Advisors, L.L.C. (the "General Partner");
v) SAB Capital Management, L.P. (the "Investment Manager");
vi) SAB Capital Management, L.L.C. (the "IMGP"); and
vii) Scott A. Bommer ("Mr. Bommer").
This Statement relates to Shares (as defined herein) held for
the accounts of each of SAB, SAB II, and the Master Fund. The General Partner
serves as the general partner of each of the Domestic Partnerships and the
Master Fund. The Investment Manager serves as the investment manager of each of
the Domestic Partnerships and the Master Fund. The IMGP serves as the general
partner of the Investment Manager. Mr. Bommer serves as the managing member of
each of the General Partner and IMGP.
Any disclosures herein with respect to persons other than the
Reporting Persons are made on information and belief after making inquiry to the
appropriate party.
Item 2(b). Address of Principal Business Office or, if None, Residence:
The address of the principal business office of each of the
Reporting Persons is 767 Fifth Avenue, 21st Floor, New York, New York 10153.
Item 2(c). Citizenship:
i) SAB is a Delaware limited partnership;
ii) SAB II is a Delaware limited partnership;
Page 10 of 15 Pages
iii) The Master Fund is a Cayman Islands exempted limited
partnership;
iv) The General Partner is a Delaware limited liability
company;
v) The Investment Manager is a Delaware limited partnership;
vi) The IMGP is a Delaware limited liability company; and
v) Mr. Bommer is a citizen of the United States of America.
Item 2(d). Title of Class of Securities:
Common Stock, $.01 par value per share (the "Shares")
Item 2(e). CUSIP Number:
71714F104
Item 3. If This Statement is Filed Pursuant to ss.ss.240.13d-1(b) or
240.13d-2(b) or (c), Check Whether the Person Filing is a:
This Item 3 is not applicable.
Item 4. Ownership:
Item 4(a). Amount Beneficially Owned
As of August 17, 2007:
(a) SAB may be deemed to be the beneficial owner of 1,293,619
Shares held for its account;
(b) SAB II may be deemed to be the beneficial owner of 28,379
Shares held for its account;
(c) The Master Fund may be deemed to be the beneficial owner
of 539,266 Shares held for its account; and
(d) Each of the General Partner, Investment Manager, IMGP and
Mr. Bommer may be deemed to be the beneficial owner of 1,861,264 Shares held for
the accounts of each of SAB, SAB II, and the Master Fund. This amount includes:
A) 1,293,619 Shares held for the account of SAB; B) 28,379 Shares held for the
account of SAB II; and C) 539,266 Shares held for the account of the Master
Fund.
Item 4(b). Percent of Class:
(a) As of August 17, 2007, the number of Shares SAB may be
deemed to be the beneficial owner of constitutes approximately 4.31% of the
total 30,000,000 Shares outstanding.
Page 11 of 15 Pages
(b) As of August 17, 2007, the number of Shares SAB II may be
deemed to be the beneficial owner of constitutes approximately 0.09% of the
30,000,000 total Shares outstanding.
(c) As of August 17, 2007, the number of Shares the Master
Fund may be deemed to be the beneficial owner of constitutes approximately 1.8%
of the 30,000,000 total Shares outstanding.
(d) As of August 17, 2007, the number of Shares the General
Partner, the Investment Manager, the IMGP and Mr. Bommer may be deemed to be the
beneficial owner of constitutes approximately 6.2% of the 30,000,000 total
Shares outstanding.
Item 4(c). Number of Shares of which such person has:
SAB:
----
(i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or direct the vote: 1,293,619
(iii) Sole power to dispose or direct the disposition of: 0
(iv) Shared power to dispose or direct the disposition of: 1,293,619
SAB II:
------
(i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or direct the vote: 28,379
(iii) Sole power to dispose or direct the disposition of: 0
(iv) Shared power to dispose or direct the disposition of: 28,379
The Master Fund:
---------------
(i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or direct the vote: 539,266
(iii) Sole power to dispose or direct the disposition of: 0
(iv) Shared power to dispose or direct the disposition of: 539,266
The General Partner, Investment Manager, IMGP and Mr. Bommer:
------------------------------------------------------------
(i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or direct the vote: 1,861,264
(iii) Sole power to dispose or direct the disposition of: 0
(iv) Shared power to dispose or direct the disposition of: 1,861,264
Page 12 of 15 Pages
Item 5. Ownership of Five Percent or Less of a Class:
This Item 5 is not applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another
Person:
This Item 6 is not applicable.
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent Holding
Company:
This Item 7 is not applicable
Item 8. Identification and Classification of Members of the Group:
See disclosure in Item 2 hereof.
Item 9. Notice of Dissolution of Group:
This Item 9 is not applicable.
Item 10. Certification:
By signing below each of the Reporting Persons certifies that,
to the best of their knowledge and belief, the securities referred to above were
not acquired and are not held for the purpose of or with the effect of changing
or influencing the control of the issuer of the securities and were not acquired
and are not held in connection with or as a participant in any transaction
having that purpose or effect.
Page 13 of 15 Pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
Date: August 20, 2007
/s/ Michael Casey
-----------------------------------------
Michael Casey, attorney-in-fact for Scott
A. Bommer, individually and (a) as
managing member of SAB Capital Advisors,
L.L.C., for itself and as the general
partner of (i) SAB Capital Partners, L.P.;
and (ii) SAB Capital Partners II, L.P.;
and (iii) SAB Overseas Master Fund, L.P.;
and (b) as managing member of SAB Capital
Management, L.L.C., for itself and as the
general partner of SAB Capital Management,
L.P.
Page 14 of 15 Pages
EXHIBIT 1
JOINT ACQUISITION STATEMENT
PURSUANT TO RULE 13d-1(k)
The undersigned acknowledge and agree that the foregoing
statement on Schedule 13G, is filed on behalf of each of the undersigned and
that all subsequent amendments to this statement on Schedule 13G, shall be filed
on behalf of each of the undersigned without the necessity of filing additional
joint acquisition statements. The undersigned acknowledge that each shall be
responsible for the timely filing of such amendments, and for the completeness
and accuracy of the information concerning him or it contained therein, but
shall not be responsible for the completeness and accuracy of the information
concerning the others, except to the extent that he or it knows or has reason to
believe that such information is inaccurate.
DATED: August 20, 2007
/s/ Michael Casey
--------------------------------------------------------
Michael Casey, attorney-in-fact for Scott A. Bommer,
individually and (a) as managing member of SAB Capital
Advisors, L.L.C., for itself and as the general partner
of (i) SAB Capital Partners, L.P.; and (ii) SAB Capital
Partners II, L.P.; and (iii) SAB Overseas Master Fund,
L.P.; and (b) as managing member of SAB Capital Management,
L.L.C., for itself and as the general partner of SAB
Capital Management, L.P.
Page 15 of 15 Pages
EXHIBIT 2
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENT, that I, Scott A. Bommer, hereby
make, constitute and appoint each of Michael Casey, Brian Jackelow and
Alessandro De Giorgis, acting individually, as my agent and attorney-in-fact for
the purpose of executing in my name, (a) in my personal capacity or (b) in my
capacity as managing member of or in other capacities with SAB Capital Advisors,
L.L.C., a Delaware limited liability company, and each of its affiliates or
entities advised or controlled by me or SAB Capital Advisors, L.L.C., all
documents, certificates, instruments, statements, filings and agreements
("documents") to be filed with or delivered to any foreign or domestic
governmental or regulatory body or required or requested by any other person or
entity pursuant to any legal or regulatory requirement relating to the
acquisition, ownership, management or disposition of securities, futures
contracts or other investments, and any other documents relating or ancillary
thereto, including, without limitation, all documents relating to filings with
the United States Securities and Exchange Commission (the "SEC") pursuant to the
Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as
amended (the "Act"), and the rules and regulations promulgated thereunder,
including, without limitation: (1) all documents relating to the beneficial
ownership of securities required to be filed with the SEC pursuant to Section
13(d) or Section 16(a) of the Act, including, without limitation: (a) any
acquisition statements on Schedule 13D or Schedule 13G and any amendments
thereto, (b) any joint filing agreements pursuant to Rule 13d-1(k), and (c) any
initial statements of, or statements of changes in, beneficial ownership of
securities on Form 3, Form 4 or Form 5 and (2) any information statements on
Form 13F required to be filed with the SEC pursuant to Section 13(f) of the Act.
All past acts of these attorneys-in-fact in furtherance of the
foregoing are hereby ratified and confirmed.
This Power of Attorney shall remain in effect until revoked,
in writing, by the undersigned.
IN WITNESS WHEREOF, the undersigned has executed this Power of
Attorney, this 9th day of August 2006.
/s/ Scott A. Bommer
------------------------------------
Scott A. Bommer