PharmaNet holders get until Tuesday to tender 10 7/8% notes in offer

By Susanna Moon

Chicago, July 7 - PharmaNet Development Group, Inc. once more extended the tender offer and consent solicitation for its 10 7/8% senior secured notes due 2017.

The offer will now end at 5 p.m. ET on July 12, pushed back from 5 p.m. ET on July 6. It was originally set to end at midnight ET on June 24.

As of the July 6 deadline, holders had tendered 100% of the $170.76 million outstanding principal amount of the notes, according to the company's most recent press release. PharmaNet had received tenders for $73 million, or 40%, of the outstanding notes as of 5 p.m. ET on June 10.

Holders may no longer withdraw tendered notes.

As previously noted, PharmaNet extended the tender offer and consent solicitation June 13 and increased the purchase price to $1,255.00, from $1,247.75, per $1,000 principal amount of notes. The amount includes a consent payment of $50.00 for each note tendered by the consent payment deadline, which was 5 p.m. ET on June 14.

Holders will also receive accrued interest up to but excluding the settlement date.

The company previously noted that the payment is a premium to the estimated weighted average of the equity-claw and make-whole redemption prices of the notes under the indenture.

PharmaNet also previously said that if the tender offer is not successfully completed, it plans to issue equity securities and to use the proceeds to redeem up to 35% of the notes using the equity clawback option and to redeem the remaining outstanding notes at the make-whole premium.

The tender offer began May 27 and is being made in connection with the sale by JLL PharmaNet Holdings, LLC of all of the capital stock of PDGI Holdco, Inc., PharmNet's holding company, to inVentiv Health Inc.

The tender offer is subject to the completion of the sale to inVentiv, the receipt of consents from the holders of at least two-thirds of the notes and the execution of a supplemental indenture effecting the amendments.

The dealer managers and solicitation agents are Jefferies & Co., Inc. (888 708-5831 or 203 708-5831) and UBS Securities LLC (888 719-4210 or 203 719-4210). The information agent is D.F. King & Co., Inc. (800 967-4607).

Princeton, N.J.-based PharmaNet provides product-development and clinical-development services to pharmaceutical, biotechnology and medical device companies.

inVentiv is a Somerset, N.J.-based provider of outsourced clinical-development, launch and commercialization services to the health-care industry.

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