Quintiles tenders for 10% notes due 2013, 11½% notes due 2014

By Jennifer Chiou

New York, March 6 - Quintiles Transnational Corp. announced that it and Pharma Services Intermediate Holding Corp. started cash tender offers for any and all of Quintiles' $450 million of 10% senior subordinated notes due 2013 and any and all of Pharma Services' $219 million of 11½% senior discount notes due 2014.

The companies said they are also soliciting consents to amend the notes' indentures to eliminate or make less restrictive most of the restrictive covenants and amend related provisions.

For each $1,000 principal amount of 10% notes, the company said it will pay $1,156.25. For each $1,000 principal amount at maturity of 11½% notes, the company said it will pay $901.25.

The payouts include a $30.00 per $1,000 principal amount or principal amount at maturity consent payment for those who tender their securities before 5 p.m. ET on March 16, the consent deadline.

The tenders end at midnight ET on March 30, unless extended.

The offers are conditioned upon sufficient funding, tenders from holders of a majority of notes, the execution of supplemental indentures and the completion of the tender offer for both series of notes.

Citigroup Corporate and Investment Banking is the dealer manager (800 558-3745 or call collect 212 723-6106). Global Bondholder Services Corp. is the tender agent and information agent (866 873-7700 or call collect 212 430-3774).

The Research Triangle Park, N.C., company provides product development and commercial development services to the pharmaceutical, biotechnology and medical device industries.

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