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
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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

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1 Bank of America Merrill Lynch (BAML) 3,136 9 13.58
2 Citi 2,562 6 11.09
3 Goldman Sachs 2,150 3 9.31
4 Credit Suisse 1,822 6 7.89
5 Societe Generale 1,814 4 7.86

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3 Wells Fargo Securities 32,082.26 89 10.11%
4 JPMorgan 20,969.41 64 6.60%
5 Credit Suisse 16,754.47 44 5.28%