Quintiles launches new tender offer, solicits consents for 9½% notes

By Marisa Wong

Madison, Wis., May 10 - Quintiles Transnational Holdings Inc. announced that it has started a cash tender offer for any and all of its $525 million of outstanding 9½% senior notes due 2014.

Quintiles is also soliciting consents to eliminate most of the restrictive covenants and amend some related provisions in the indenture governing the 9½% notes.

The offer is scheduled to expire at midnight ET on June 7.

Holders who tender their notes and deliver their consents by 5 p.m. ET on May 23, the consent payment deadline, will receive a total consideration of $1,028.75 for each $1,000 principal amount of notes. The total consideration includes a $25.00 consent payment.

Holders who tender their notes after the consent payment deadline will receive the total consideration less the consent payment, or $1,003.75 per $1,000 of notes.

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

While the company may accept and settle tenders received prior to the expiration time, Quintiles said it does not expect to pay for early tendered notes before the expiration of the offer.

The tender offer is conditioned upon the company having borrowed sufficient funds to purchase notes tendered in the offer, the receipt of consents from holders of a majority in principal amount of the notes and execution of a supplemental indenture effecting the proposed amendments.

Quintiles had previously launched a similar tender offer for the 9½% notes. The previous offer, which began on March 10, was terminated on March 22.

Wells Fargo Securities, LLC (866 309-6316 or 704 715-8341) is the dealer manager for the current tender offer. Global Bondholder Services Corp. (866 470-4200 or 212 430-3774) is the tender agent and information agent.

Quintiles is a Research Triangle Park, N.C.-based pharmaceutical services company.

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