ERT changes $750 million first-lien term loan issue price to par

By Sara Rosenberg

New York, Jan. 8 – ERT (eResearchTechnology Inc.) revised the issue price on its fungible $750 million incremental first-lien senior secured term loan (B2/B-) due Feb. 4, 2027 to par from talk in the range of 98.79 to 99, according to a market source.

Pricing on the incremental first-lien term loan, of which $250 million has been pre-placed, is Libor plus 450 basis points with a 1% Libor floor, in line with existing first-lien term loan pricing.

The company is also getting a $50 million pre-placed first-lien senior secured delayed-draw term loan and a $150 million pre-placed incremental second-lien senior secured term loan.

Goldman Sachs Bank USA and Jefferies LLC are the leads on the deal.

Recommitments were scheduled to be due at 11 a.m. ET on Friday, the source added.

Proceeds will be used to fund the acquisition of Bioclinica and pay related fees and expenses.

Closing is expected this year, subject to customary conditions, including approval by regulatory agencies.

Nordic Capital and Astorg are the sponsors.

ERT is a Philadelphia-based provider of software-enabled clinical research solutions to pharmaceutical companies and contract research organizations. Bioclinica is a Princeton, N.J.-based provider of clinical trial imaging solutions.

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