RESEARCH TRIANGLE PARK, N.C. – March 8, 2011– Quintiles announced today that it is pursuing plans to enter into new $2.425 billion credit facilities. The new credit facilities would include a $225 million first lien revolving credit facility due in 2016 and a $2.2 billion first lien term loan B due in 2018.
Proceeds from these borrowings would be used to refinance $1.695 billion of existing debt, including $525 million 9.5% senior notes due December 2014 of Quintiles Transnational Holdings Inc., the Company’s parent company. The refinancing is subject to certain conditions and other terms which could result in the Company not completing the refinancing.
The refinancing, if completed, is intended to provide Quintiles with more favorable debt terms within a debt market currently offering attractive terms to companies with strong financial track records.
Quintiles is the only fully integrated biopharmaceutical services company offering clinical, commercial, consulting and capital solutions worldwide. The Quintiles network of more than 20,000 engaged professionals in 60 countries around the globe works with an unwavering commitment to patients, safety and ethics. Quintiles helps biopharmaceutical companies navigate risk and seize opportunities in an environment where change is constant. For more information, please visit www.quintiles.com.
Information in this press release contains "forward-looking statements." These statements involve risks and uncertainties that could cause actual results to differ materially, including, without limitation, the possibility that Quintiles may not be able to complete the financing on terms acceptable to Quintiles or otherwise obtain funds sufficient to achieve the refinancing. Any forward-looking statements are as of the date hereof, and we have no duty to update them if our views later change.