Catalent to redeem $5.27 million of 9½%/10¼% senior PIK notes

By Tali David

Minneapolis, March 14 -Catalent Pharma Solutions, Inc. gave a mandatory redemption notice for $5,262,550 of its 9½%/10¼% senior payment-in-kind election notes due 2015, according to an 8-K filed with the Securities and Exchange Commission.

The notes will be redeemed at par plus accrued interest on April 15.

At the end of the first interest period following the fifth anniversary of the issuance of the notes, Catalent is required to redeem the notes under the terms of the indenture in order to ensure that the notes do not count as "applicable high-yield discount obligations."

The Bank of New York Mellon is the trustee.

Catalent provides technologies as well as development, manufacturing and packaging services for pharmaceutical, biotechnology and consumer health companies. The company is based in Somerset, N.J.

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