Kendle buys back $25 million of its convertible debt for $18.2 million

By Devika Patel

Knoxville, Tenn., Aug. 5 - Kendle International Inc. said it repurchased $25 million of its convertible debt in the open market for $18.2 million during the second quarter.

The company generated a pretax gain of $3.1 million on the extinguishment of debt.

In addition, by reducing the outstanding principal balance, the company expects to reduce interest expenses by approximately $6.2 million over the remaining term of the convertibles.

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

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