eResearch talks $1.155 billion term loan B at Libor plus 425-450 bps

By Sara Rosenberg

New York, Nov. 5 – eResearchTechnology Inc. launched on Tuesday its $1.155 billion seven-year first-lien term loan B with price talk of Libor plus 425 basis points to 450 bps with a 0% Libor floor and an original issue discount of 99, according to a market source.

The first-lien term loan has 101 soft call protection for six months.

Commitments are due on Nov. 19, the source said.

The company’s $1.85 billion of credit facilities also include a $200 million revolver, a $395 million privately placed second-lien term loan and a $100 million privately placed delayed-draw second-lien term loan.

Goldman Sachs Bank USA, Jefferies LLC, Nomura and BofA Securities, Inc. are the leads on the deal.

Proceeds will be used for a recapitalization concurrent with an investment by Astorg to acquire a significant stake in the company alongside existing majority owner Nordic Capital.

eResearchTechnology is a Philadelphia-based provider of software-enabled clinical research solutions to pharmaceutical, biopharmaceutical and contract research organizations.

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