Kendle buys back $15 million of its convertibles for $13.3 million

By Devika Patel

Knoxville, Tenn., Nov. 4 - Kendle International Inc. said it repurchased $15 million of its convertible debt in the open market for $13.3 million during the third quarter.

The company has repurchased $40 million of its convertible debt for a total of $31.6 million in the year to date.

In addition, Kendle expects to reduce interest expense by about $9.8 million over the remaining term of the convertible notes, which includes about $750,000 in the fourth quarter.

Kendle International is a Cincinnati-based clinical research organization that provides clinical research services to the biopharmaceutical industry.

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