Quintiles ends 9½% note tender; calls remainder for July 8 redemption

By Jennifer Chiou

New York, June 8 - Quintiles Transnational Holdings Inc. announced the close of its cash tender offer for any and all of its $525 million of 9½% senior notes due 2014, giving notice that it will redeem the remaining notes on July 8.

The offer ended at midnight ET on June 7, which was also the extended consent deadline.

The company said that it waived the minimum tender and supplemental indenture conditions to offer and consent solicitation and accepted for purchase all validly tendered notes. It did not specify the tender amount in a news release.

Holders who tendered their notes and delivered their consents by the offer deadline received the total payment of $1,028.75 for each $1,000 principal amount of notes, which included a $25.00 consent payment. Holders also received accrued interest to but excluding the June 8 settlement date.

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

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

The company used borrowings under its new $2.225 billion credit facility to fund the tender and will also use proceeds for the redemption.

As reported, 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) was the dealer manager for the current tender offer. Global Bondholder Services Corp. (866 470-4200 or 212 430-3774) was the tender agent and information agent.

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

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