Kendle increases tender offer payment for 3.375% convertibles

By Angela McDaniels

Tacoma, Wash., June 17 - Kendle International Inc. increased the price it is offering in the tender offer for its 3.375% convertible senior notes due 2012 to 100.25 from par, according to a company news release.

The company will also pay accrued interest up to but excluding the payment date.

The tender offer and a consent solicitation for the $142.5 million of outstanding convertibles began June 6 and will expire at 8 a.m. ET on July 6.

Holders who tender their convertibles are required to consent to the proposed amendment to the indenture governing the convertibles, which would eliminate the reporting covenant in the indenture.

The tender offer is being conducted in connection with the company's agreement to be acquired by INC Research, LLC. The completion of the tender offer is not a condition to the completion of the merger.

The tender offer is conditioned on the receipt of consents of the holders of a majority of the outstanding notes and the satisfaction of the conditions to the merger.

The dealer manager is Morgan Stanley & Co. LLC (800 624-1808 or 212 761-1941). The information agent is Global Bondholder Services Corp. (866 470-4300 or, for banks and brokers only, 212 430-3774).

Cincinnati-based Kendle provides clinical development services to biopharmaceutical companies. INC Research is a Raleigh, N.C.-based contract research organization focused on late-stage pharmaceutical clinical trials.

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