eResearchTechnology to place $220 million second-lien financing, equity

By Lisa Kerner

Charlotte, N.C., March 29 – eResearchTechnology Inc. will privately place $220 million of second-lien financing and equity to help fund the buyout of the company by Nordic Capital Fund VIII from Genstar Capital.

In addition, the company is scheduled to hold a bank meeting at 1 p.m. ET on Thursday to launch a $540 million credit facility, also to be used to fund the buyout. The facility consists of a $45 million five-year revolver and a $495 million seven-year covenant-light first-lien term loan, according to a market source.

Closing is expected in the second quarter, subject to regulatory approvals and customary conditions.

Goldman Sachs Bank USA and Bank of America Merrill Lynch are the lead banks on the debt.

eResearchTechnology is a Philadelphia-based provider of patient data collection solutions for use in clinical drug development.

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