UBS launched syndication of a $225 million senior secured credit facility for Kendle International last week. The deal backs the company's purchase of Charles River Laboratories International's Phase II-IV Clinical Services business. The credit consists of a five-year, $25 million revolver and a six-year, $200 million term loan. Price talk is LIBOR plus 2 1/2% on both tranches.
Kendle is a global clinical research organization that provides a range of Phase II-IV clinical development services to the pharmaceutical and biotechnology industries. Phase II-IV Clinical Services provides Phase II-IV clinical trials management services to pharmaceutical and biotechnology industries. The Phase II-IV Clinical Services industry encompasses the middle phases of new medical drug research. Karl Brenkert, cfo, did not return calls and a spokeswoman referred questions to the company's 8-K.