Quintiles terminates tender offer, consent solicitation for 9½% notes

By Angela McDaniels

Tacoma., Wash., March 22 - Quintiles Transnational Holdings Inc. terminated the tender offer and consent solicitation for its $525 million of 9½% senior notes due 2014, according to a company news release.

The tender offer was conditioned, among other things, on the receipt of enough funds to purchase the tendered notes and pay the related consent payments. Subsidiary Quintiles Transnational Corp. has postponed its plans to enter into $2.43 billion of new credit facilities, citing unfavorable global credit market conditions.

Quintiles was soliciting consents to amend the indenture governing the notes to eliminate most of the restrictive covenants and some related provisions.

The company planned to pay $1,028.75 per $1,000 principal amount of notes. This included a $25.00 consent payment for each note tendered by 5 p.m. ET on March 23, the consent payment deadline.

Holders would have also received accrued interest up to but excluding the settlement date.

The tender offer began March 10 and was scheduled to expire at midnight ET on April 6.

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.

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