CINCINNATI, July 12, 2011 /PRNewswire/ -- Kendle International Inc. (Nasdaq: KNDL) ("Kendle"), announced today the expiration, as of 8:00 a.m., New York City time, on July 11, 2011 (the "Expiration Date"), of its previously announced cash tender offer and consent solicitation for any and all of its $142.5 million aggregate principal amount of outstanding 3.375% Convertible Senior Notes due 2012 (CUSIP No. 48880LAA5; ISIN No. US48880LAA52) (the "Notes"). Kendle has accepted for payment all Notes validly tendered and not validly withdrawn in the Offer.
Pursuant to the terms of the Offer to Purchase and Consent Solicitation Statement dated June 6, 2011, as amended and supplemented, and the related Letter of Transmittal and Consent, as amended and supplemented (and together with the Offer to Purchase and Consent Solicitation, the "Offer Documents"), Kendle has accepted for purchase and paid for $140,420,000 of the outstanding $142,500,000 principal amount of the Notes.
In connection with the tender offer for the Notes, as previously announced, Kendle received the required consents to eliminate the reporting covenant in the indenture under which the Notes were issued. In addition, Kendle also announced that all conditions to completion of the Offer have been satisfied or waived. Accordingly, a supplemental indenture relating to the Notes became operative upon the acceptance of the Notes by Kendle for purchase, and the Third Supplemental Indenture among Kendle and U.S. Bank National Association, as trustee for the holders of the Notes, has been executed. Further, Kendle has notified the trustee under the indenture governing the Notes that the Company intends to discharge the purchased Notes in accordance with the terms of the indenture and has deposited the requisite funds with the trustee.
Kendle has retained Morgan Stanley & Co. LLC ("Morgan Stanley
|SOURCE Kendle International Inc.|
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