Kendle buys back $12 million of 3.375% convertibles in second quarter

By Angela McDaniels

Tacoma, Wash., Aug. 4 - Kendle International Inc. repurchased $12 million principal amount of its 3.375% convertible notes due 2012 in the open market for $11.1 million during the second quarter, according to the company's earnings release for the period.

To date, the company has repurchased $57.5 million of the convertibles at a total cost of $47.6 million.

As of June 30, $142.5 million of the convertibles remains outstanding.

The company said its interest expense has been reduced by $3.4 million since it started the repurchase program in the second quarter of 2009, and it expects to reduce interest expense by an additional $9.6 million over the remaining term of the convertibles.

Kendle is a Cincinnati-based provider of clinical research services to the biopharmaceutical industry.

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