WIL Research launches $140 million facility at Libor plus 525-550 bps

By Sara Rosenberg

New York, March 28 - WIL Research Co. Inc. held a bank meeting on Wednesday to launch a $140 million credit facility that is talked at Libor plus 525 basis points to 550 bps with a 1.5% Libor floor, according to a market source.

The facility consists of a $20 million five-year revolver and a $120 million six-year term loan, the source said.

The revolver is being offered at an original issue discount of 99 and the term loan is being offered at a discount of 981/2.

Amortization on the term loan is 1% per annum.

GE Capital Markets is the lead bank on the deal.

Proceeds will be used to refinance existing debt.

WIL Research is an Ashland, Ohio-based provider of product safety toxicological research, bioanalytical and formulation services to the pharmaceutical, biotechnology, chemical, agrochemical, and food products industries, as well as manufacturing support for clinical trials.

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