Quintiles launches cash tender offer, solicits consents for 9½% notes

By Marisa Wong

Madison, Wis., March 10 - Quintiles Transnational Holdings Inc. said it started a cash tender offer for any and all of its $525 million of outstanding 9½% senior notes due 2014.

Quintiles is also soliciting consents to amend the indenture governing the notes to eliminate most of the restrictive covenants and certain related provisions.

Holders who tender their notes and deliver their consents by 5 p.m. ET on March 23, the consent payment deadline, will receive the total payment of $1,028.75 per $1,000 principal amount of notes, which includes a $25.00 consent payment.

Holders who tender their notes after the consent payment deadline will receive $1,003.75 per $1,000 of notes, which is equal to the total payment less the consent payment.

Holders will also receive accrued interest to but excluding the applicable settlement date.

The tender offer is scheduled to expire at midnight ET on April 6.

The tender offer is conditioned upon the satisfaction of certain conditions, including Quintiles having borrowed funds sufficient to purchase the tendered notes and pay the related consent payments and fees, receipt of consents from holders of a majority in principal amount of the outstanding notes and the execution of a supplemental indenture implementing the proposed amendments.

Wells Fargo Securities, LLC (866 309-6316 and 704 715-8341) is the dealer manager. Global Bondholder Services Corp. (866 470-4200 or 212 430-3774) is the tender agent and information agent.

Quintiles is a Research Triangle Park, N.C.-based pharmaceutical services company.

© 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.