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Kendle extends tender offer for 3.375% convertible notes to July 11
By Jennifer Chiou
New York, July 6 - Kendle International Inc. announced that it has pushed back the deadline of the tender offer for its 3.375% convertible senior notes due 2012 to 8 a.m. ET on July 11 from July 6.
As of 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 increased to 100.25 from par in June. 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 on June 6.
The 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 company stated that the offer may be further extended so that settlement coincides with the effectiveness of the merger.
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 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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