RESEARCH TRIANGLE PARK, N.C., March 31 /PRNewswire/ -- Quintiles
Transnational Corp. today announced that it has completed new credit facility
arrangements. The new credit facilities include a $225 million first lien
revolving credit facility due in 2012, a $1.0 billion first lien term loan due
in 2013 and a $220 million second lien term loan due in 2014. Proceeds from
the borrowings under the term loans were used, together with available cash,
to pay the purchase price for notes accepted in the tender offer described
below and to cash out the outstanding preferred stock of Pharma Services
Holding, Inc. ("Pharma Services"), the parent company of Quintiles, as part of
the mergers of Pharma Services and Pharma Services Intermediate Holding Corp.
("Holding") into Quintiles.
The previously announced cash tender offer and consent solicitation
relating to the outstanding 10% senior subordinated notes due 2013 of
Quintiles (the "Subordinated Notes") and 11.5% senior discount notes due 2014
of Holding (the "Discount Notes") expired at midnight on Thursday, March 30,
2006. On March 31, 2006, approximately $446.5 million principal amount, or
99.2% of the outstanding principal amount of Subordinated Notes and $219.0
million aggregate principal amount at maturity, or 100% of the outstanding
Discount Notes validly tendered pursuant to the Offer to Purchase, dated March
3, 2006, were accepted for purchase. Payment was sent to the depository for
payment today.
As a result of the purchase of the notes in the tender offer, the
supplemental indentures to the indentures governing the Subordinated Notes and
the Discount Notes have become operative. The supplemental indentures
eliminate or make less restrictive most of the restrictive covenants contained
in the indentures and amend certain related provisions. These amendments are
binding on all holders (including non-tendering holders) and affect the
Subordinated Notes that remain outstanding.
Citigroup Corporate and Investment Banking acted as the dealer manager in
connection with the tender offer and consent solicitation. Global Bondholder
Services Corporation served as the tender agent and information agent for the
tender offer and consent solicitation.
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.
The tender offer and solicitation of consents was made solely pursuant to the
Offer to Purchase and Consent Solicitation Statement dated March 3, 2006.
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.
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, +1-919-998-2000
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