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 Share % by Volume
1 Societe Generale 15.35
2 Rabobank 14.41
3 Morgan Stanley 11.73
4 Barclays 8.99
5 Credit Agricole 7.57

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Feb 2017
1 Wells Fargo Securities 11,897.40 33 11.83%
2 Bank of America Merrill Lynch 9,837.56 29 9.78%
3 Citi 9,714.54 32 9.66%
4 JPMorgan 7,997.38 24 7.95%
5 Credit Suisse 6,335.67 14 6.30%