By Paul A. Harris
St. Louis, Sept. 12 - Quintiles Transnational Corp. sold $450 million of senior subordinated notes due Oct. 1, 2013 (B3/B) at par Friday to yield 10%, according to a syndicate source.
Price talk was for a yield in the 9½% area.
Citigroup was the bookrunner on the Rule 144A (with registration rights) offering. ABN Amro and Banc One Capital Markets were co-managers.
Proceeds will be used to fund the LBO of Quintiles by One Equity Partners, LLC and to repay debt.
The issuer is a Research Triangle Park, N.C.-based service provider to the healthcare industry.
Issuer: Quintiles Transnational Corp. (Pharma Services)
| Amount: | $450 million
|
| Maturity: | Oct. 1, 2013
|
| Security description: | Senior subordinated notes
|
| Bookrunner: | Citigroup
|
| Co-managers: | ABN Amro, Banc One Capital Markets
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Spread: | 579 basis points
|
| Call features: | Make-whole call at Treasuries plus 50 basis points until Oct. 1, 2008, then at 105.0, 103.333, 101.667, declining to par on Oct. 1, 2011 and thereafter
|
| Equity clawback: | Until Oct. 1, 2006 for 40% at 110.0
|
| Settlement date: | Sept. 25 (T+9)
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Price talk: | 9½% area
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