INC Research talks $250 million eight-year notes at 11¼% to 11½%

By Paul A. Harris

Portland, Ore., July 5 - INC Research LLC talked its $250 million offering of eight-year senior notes (Caa1/B-) with an 11¼% to 11½% yield, an informed source said on Tuesday.

In addition to price talk, there was a structural change which sees the call protection for the notes increased to four years from three years.

The books close at noon ET Wednesday, and the deal is set to price after that.

Morgan Stanley & Co. Inc., ING and RBC Capital Markets are the joint bookrunners for the Rule 144A for life notes. Natixis Bleichroeder is the co-manager.

Proceeds will be used to help fund the purchase of Kendle International Inc. and refinance INC and Kendle debt.

INC Research is a Raleigh, N.C.-based therapeutically focused contract research organization. Kendle is a Cincinnati-based clinical research organization.

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