RESEARCH TRIANGLE PARK, N.C., March 6 /PRNewswire/ -- Quintiles
Transnational Corp. today announced that it is pursuing plans to borrow
$1.47 billion under new credit facility arrangements. The new credit
facilities would include a $250 million first lien revolving credit facility
due in 2012, a $900 million first lien term loan B due in 2013 and a
$320 million second lien term loan C due in 2014. Proceeds from these
borrowings would be used, together with available cash, to pay the purchase
price for notes tendered in the tender offer announced by the Company and
Pharma Services Intermediate Holding Corp. ("Holding") on March 3, 2006, with
respect to any and all of their outstanding senior notes, and to cash out the
outstanding preferred stock of Pharma Services Holding, Inc., the parent
company of the Company and Holding. The refinancing and the tender offer are
subject to certain conditions, rights of withdrawal and other terms which
could result in the Company not completing the refinancing or tender offer.
This press release does not constitute an offer to buy, the solicitation
of an offer to sell or the solicitation of consents with respect to the notes
subject to the tender offer.
About Quintiles
Quintiles is the global leader in pharmaceutical services. We improve
healthcare worldwide by providing innovative, quality professional expertise,
market intelligence and partnering solutions to meet the dynamic needs of the
pharmaceutical, biotechnology and healthcare industries. Quintiles has 16,000
specialized employees and offices in 50 countries. For more information visit
the company's Web site at http://www.quintiles.com.
Information in this press release contains "forward-looking statements."
These statements involve risks and uncertainties that could cause actual
results to differ materially, including, without limitation, the possibility
that Quintiles may not be able to complete the financing on terms acceptable
to Quintiles prior to the expiration of the tender offer or otherwise obtain
funds sufficient to achieve the refinancing. Additional factors that could
cause actual results to differ materially are discussed in Quintiles' recent
filings with the Securities and Exchange Commission, including but not limited
to its Annual Report on Form 10-K, its Form 8-Ks and its other periodic
reports, including Form 10-Qs. Any forward-looking statements are as of the
date hereof, and we have no duty to update them if our views later change.
SOURCE Quintiles Transnational Corp.
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Related links:
http://www.quintiles.com
CONTACT:
Pat Grebe, Media Relations,
media.info@quintiles.com, or Greg Connors, Investor Relations,
invest@quintiles.com, both of Quintiles Transnational Corp.,
+1-919-998-2000
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