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PharmaNet begins tender offer, consent solicitation for 10 7/8% notes
By Angela McDaniels
Tacoma, Wash., May 27 - PharmaNet Development Group, Inc. began a tender offer and consent solicitation for its 10 7/8% senior secured notes due 2017, according to a company news release.
The purchase price is $1,247.75 per $1,000 principal amount of notes. This includes a consent payment of $50.00 for each note tendered by 5 p.m. ET on June 9, the consent payment deadline.
Holders will also receive accrued interest up to but excluding the settlement date.
The company noted that this payment is a premium to the estimated weighted average of the equity-claw and make-whole redemption prices of the notes under the indenture.
If the tender offer is not successfully completed, PharmaNet plans to issue equity securities and to use the proceeds to redeem up to 35% of the notes using the equity clawback option and to redeem the remaining outstanding notes at the make-whole premium.
The tender offer will expire at midnight ET on June 23.
The tender offer is being made in connection with the sale by JLL PharmaNet Holdings, LLC of all of the capital stock of PDGI Holdco, Inc., PharmNet's holding company, to inVentiv Health Inc.
The tender offer is subject to the consummation of the sale to inVentiv, the receipt of consents from the holders of at least two-thirds of the notes and the execution of a supplemental indenture effecting the amendments.
The dealer managers and solicitation agents are Jefferies & Co., Inc. (888 708-5831 or 203 708-5831) and UBS Securities LLC (888 719-4210 or 203 719-4210). The information agent is D.F. King & Co., Inc. (800 967-4607).
Princeton, N.J.-based PharmaNet provides product-development and clinical-development services to pharmaceutical, biotechnology and medical device companies.
inVentiv is a Somerset, N.J.-based provider of outsourced clinical-development, launch and commercialization services to the health-care industry.
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