Quintiles pushes back consent deadline for $525 million of 9½% notes

By Susanna Moon

Chicago, May 24 - Quintiles Transnational Holdings Inc. said it extended the consent deadline in the cash tender offer for any and all of its $525 million of outstanding 9½% senior notes due 2014 to coincide with the offer expiration.

The offer will end at midnight ET on June 7.

Holders who tender their notes and deliver their consents by the offer deadline will receive the total payment of $1,028.75 for each $1,000 principal amount of notes, which includes a $25.00 consent payment.

The consent deadline was extended from 5 p.m. ET on May 23.

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

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

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 the execution of a supplemental indenture effecting the proposed amendments.

The company launched a $2 billion term loan B due in 2018 on May 11 with price talk of Libor plus 375 basis points, a 1.25% Libor floor and an original issue discount of 99 to 991/2.

Quintiles had previously launched a similar tender offer for the 9½% notes. The prior 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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