PharmaNet to tender for 10 7/8% notes as part of sale to inVentive

By Toni Weeks

San Diego, May 17 - PharmaNet Development Group, Inc. is expected to begin a tender offer to repurchase its 10 7/8% senior secured notes due 2017, according to a press release.

The tender offer is subject to conditions, including the completion of the sale of PharmaNet to inVentive Health, Inc. and the tender of at least two-thirds of the principal amount of outstanding notes. If the minimum percentage of notes is not tendered in the offer, PharmaNet may sell equity securities and use the proceeds to redeem up to 35% of the notes prior to the closing of the sale.

Princeton, N.J.-based PharmaNet provides drug development services to the pharmaceutical, biotechnology, generic drug and medical device industries.

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