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

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1 Bank of America Merrill Lynch (BAML) 6,665 23 12.97
2 Citi 5,781 17 11.25
3 BNP Paribas 3,715 15 7.23
4 Barclays 2,853 9 5.55
5 Credit Suisse 2,783 8 5.42

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4 JPMorgan 52,367.24 169 6.88%
5 Credit Suisse 41,885.89 127 5.50%