CINCINNATI, March 17 /PRNewswire-FirstCall/ -- Kendle , 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.
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. 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.
Forward-Looking Statements
Kendle International Inc.
