Resized Quintiles' Loans Break

Quintiles Transnational Corp.'s first lien and second-lien term loans broke in the secondary market last week.

  • 31 Mar 2006
Email a colleague
Request a PDF

Quintiles Transnational Corp.'s first lien and second-lien term loans broke in the secondary market last week. The first lien, which was increased to $1 billion from $900 million, broke at 101. The second lien, which was downsized to $220 million from $320 million, broke at 102. A banker said high demand for the loan enabled the company to increase the size of the cheaper first lien. The first lien is priced at LIBOR plus 2%, while the second lien is priced at LIBOR plus 4%.

Citigroup leads the financing, which will be used to pay off the company's notes and preferred stock of its parent company, Pharma Services Holding. Moody's Investors Service assigned a B1 rating to the first and second-lien loans. It also assigned a B1 corporate family rating. The ratings agency said in a report that the increase in leverage from the refinancing and limited free cash flow relative to debt resembles that of a company rated B2, leaving Quintiles weakly positioned in the B1 rating category. A spokesman for Quintiles did not return calls.

  • 31 Mar 2006

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 4,755 19 11.75
2 Citi 4,288 14 10.60
3 Rabobank 2,633 4 6.51
4 Goldman Sachs 2,615 4 6.46
5 Barclays 2,603 8 6.43

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Jul 2017
1 Bank of America Merrill Lynch 57,945.74 181 12.35%
2 Citi 57,243.86 174 12.20%
3 Wells Fargo Securities 48,214.86 152 10.28%
4 JPMorgan 33,301.70 114 7.10%
5 Credit Suisse 25,010.27 80 5.33%