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Kendle accepts $140.42 million in tender for 3.375% convertible notes
By Jennifer Chiou
New York, July 12 - Kendle International Inc. announced that it accepted tenders for $140.42 million of its $142.5 million of 3.375% convertible senior notes due 2012.
The offer ended at 8 a.m. ET on July 11, previously pushed back from July 6.
At the original deadline, holders of $102,381,000, or 71.85%, of the notes had tendered their securities.
As announced, the payout in the offer was previously increased to 100.25 from par in June. The company also paid accrued interest up to but excluding the payment date.
The tender offer and a consent solicitation for the convertibles began on June 6 and were conducted in connection with the company's agreement to be acquired by INC Research, LLC. The completion of the tender offer was not a condition to the completion of the merger.
Holders who tendered their convertibles were required to consent to the proposed amendment to the indenture governing the convertibles, which eliminate the reporting covenant in the indenture.
The company said that the supplemental indenture will become operative upon settlement of the notes.
Also, Kendle said it has notified the trustee under the indenture that it intends to discharge the purchased notes indenture and has deposited the necessary funds with the trustee.
The tender offer was 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 was Morgan Stanley & Co. LLC (800 624-1808 or 212 761-1941). The information agent was 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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