Navigation Links
Kendle Announces New Revolving Credit Facility
Date:3/17/2010

CINCINNATI, March 17 /PRNewswire-FirstCall/ -- Kendle (Nasdaq: KNDL), a leading, global full-service clinical research organization, today announced that it has entered into a new $35 million secured revolving credit facility as of March 15, 2010 with JPMorgan Chase Bank N.A., as administrative agent, which replaces the Company's previous revolving credit facility. The new facility contains provisions allowing the Company to request an increase of up to $15 million in capacity, subject to the consent of the current lender or additional lenders.  The new revolving facility matures on January 15, 2012 and is automatically extended to March 31, 2015 if certain conditions are met related to the Company's convertible notes.  

Commenting on the transaction, Keith Cheesman, Senior Vice President and Chief Financial Officer said, "We are very pleased with this new facility and with having JPMorgan Chase serve as our agent.  This new facility offers more flexible terms and conditions, together with a duration and a capacity, all of which will better position us to execute against our long-term strategic plans."

Under the terms of this new facility, the Company may borrow in U.S. dollars or other globally-traded currencies, including the Euro and the Pound Sterling. The new credit agreement contains various affirmative and negative covenants including limitations on capital expenditures, investments, indebtedness, acquisitions and asset sales outside the ordinary course of business.  The new agreement also contains various financial covenants including a total leverage ratio, a senior leverage ratio and an interest coverage ratio.  Additional details about the new credit facility are available in the Company's most recently filed Annual Report on Form 10-K.

About Kendle

Kendle International Inc. (Nasdaq: KNDL) is a leading global clinical research organization providing the full range of early- to late-stage clinical development services for the world's biopharmaceutical industry. Our focus is on innovative solutions that reduce cycle times for our customers and accelerate the delivery of life-enhancing drugs to market for the benefit of patients worldwide. As one of the world's largest global providers of Phase I-IV services, we offer experience spanning more than 100 countries, along with industry-leading patient access and retention capabilities and broad therapeutic expertise, to meet our customers' clinical development challenges.

Additional information and investor kits are available upon request from Kendle, 441 Vine Street, Suite 500, Cincinnati, OH 45202 or from the Company's Web site at www.kendle.com.

Forward-Looking Statements

Certain statements and information contained in this press release may be deemed to be forward-looking statements under federal securities laws and the provisions of the Private Securities Litigation Reform Act of 1995 and Kendle intends that such forward-looking statements be subject to the safe-harbor created thereby. All such forward-looking statements, including the statements contained herein regarding anticipated benefits of the new revolving credit facility, are based largely on management's expectations and are subject to and qualified by risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include those risks as detailed from time to time in Kendle's Annual Report on Form 10-K as well as periodic reports filed with the SEC.  All information in this press release is current as of March 17, 2010. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.

SOURCE Kendle International Inc.

Back to top

RELATED LINKS
http://www.kendle.com

'/>"/>

SOURCE Kendle International Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related biology technology :

1. Kendle Announces Details Regarding Fourth Quarter and Full-Year 2009 Earnings Conference Call and Webcast
2. Kendle to Present at UBS Global Life Sciences Conference
3. Kendle to Present at Robert Baird 2009 Health Care Conference
4. Kendle Realigns C-Suite Leadership to Drive Increased Innovation, Productivity and Organizational Efficiency
5. Kendle Appoints Stephen Cutler, PhD Senior Vice President and Chief Operating Officer
6. Kendle Names Jarrod Pontius Chief Legal Officer
7. Kendle Expands Asia/Pacific Operations with Opening of Offices in Kuala Lumpur, Bangkok and Manila
8. Kendle Announces First Quarter 2009 Results
9. Kendle Announces Departure of Senior Vice President and CFO Karl Buzz Brenkert III; Appoints Keith A. Cheesman as Successor
10. Kendle to Host Conference Call to Discuss Revised 2009 Outlook
11. Kendle Senior Scientist Edward Sellers, MD, PhD, Named One of Nine Notable People in R&D
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/8/2016)... Feb. 8, 2016 Should antibiotic bone cement ... products to prevent infection after standard total hip or ... at ECRI Institute have been fielding a lot lately. ... Your Bottom Line?" --> "Antibiotic ... --> While there isn,t a ...
(Date:2/8/2016)...  BioElectronics Corporation (OTC Pink: BIEL), the maker ... it is responding to a notice of an ... Exchange Commission posted on the agency website.  ... Board of BioElectronics Corporation and the Edward and ... Fuqua School of Business, Duke University.   ...
(Date:2/8/2016)... has an active R&D program for the development ... the Group has a unique research and development center in ... developing Bio Control products. Stockton has ... and regulatory guidelines, and is active in more than 35 ... Stockton,s flagship product Timorex Gold ® ...
(Date:2/5/2016)... -- ATCC, the premier global biological materials resource and ... life science researchers that are working to address the ... CDC website . --> CDC website ... single-stranded RNA virus of the Flaviviridae family, genus Flavivirus, ... Viruses. Zika virus is transmitted to humans primarily through ...
Breaking Biology Technology:
(Date:1/22/2016)... , January 22, 2016 ... the addition of the  "Global Behavioral ... offering. --> http://www.researchandmarkets.com/research/4lmf2s/global_behavioral ) ... "Global Behavioral Biometric Market 2016-2020"  report ... Research and Markets ( http://www.researchandmarkets.com/research/4lmf2s/global_behavioral ) has ...
(Date:1/20/2016)... JOSE, Calif. , Jan. 20, 2016 /PRNewswire/ ... developer of human interface solutions, today announced sampling ... controller solution for wearables and small screen applications ... such as printers. Supporting round and rectangular shapes, ... S1423 offers excellent performance with moisture on screen, ...
(Date:1/11/2016)... JOSE, Calif. , Jan. 11, 2016 ... of human interface solutions, today announced that its ClearPad ... driver integration (TDDI) products won two separate categories in ... Best Mobile Innovator and Best Technology Breakthrough. The Synaptics ... system cost, a simplified supply chain, thinner devices, brighter ...
Breaking Biology News(10 mins):