Quintiles launches $1.98 billion term loan with offer price of 993/4-par

By Sara Rosenberg

New York, Dec. 11 - Quintiles Transnational Corp. launched with a call on Tuesday its $1,975,000,000 term loan B-2 due June 2018 with an offer price of 99¾ to par, according to sources.

Price talk on the loan is Libor plus 325 basis points with a 1.25% Libor floor.

The loan has 101 soft call protection for one year.

J.P. Morgan Securities LLC, Morgan Stanley Senior Funding Inc., Barclays, Citigroup Global Markets Inc. and Wells Fargo Securities LLC are the lead banks on the deal.

Proceeds will be used to refinance an existing term loan B.

Quintiles is a Durham, N.C.-based biopharmaceutical services company.

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