Quintiles buys back 99.2% of 10% notes, all of 11½% discount notes in tender offer

By Angela McDaniels

Seattle, March 31 - Quintiles Transnational Corp. said 99.2%, or $446.5 million, of its 10% senior subordinated notes due 2013 and 100%, or $219 million principal amount at maturity, of Pharma Services Intermediate Holding Corp.'s 11½% senior discount notes due 2014 were tendered during a tender offer that expired on Thursday.

The tender offers began on March 6 and were made in connection with the mergers of Quintiles' parent company, Pharma Services Holding Inc., and Pharma Services Intermediate Holding into Quintiles, according to a company news release.

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 tendered their securities before March 16, the consent deadline.

The company received the required consents, and with the purchase of the notes in the tender offers, the amendments, which eliminate or make less restrictive most of the restrictive covenants and amend certain related provisions, have become operative.

The company said it funded the tender offers will cash and proceeds from borrowings under its new $1 billion first-lien term loan due 2013 and $220 million second-lien term loan due 2014.

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

Quintiles is based in Research Triangle Park, N.C., and provides product development and commercial development services to the pharmaceutical, biotechnology and medical device industries.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.