Quintiles $1.47 billion credit facility to launch Wednesday

By Sara Rosenberg

New York, March 6 - Quintiles Transnational Corp. is scheduled to hold a bank meeting on Wednesday to launch its proposed $1.47 billion credit facility, according to a market source.

Citigroup is the lead bank on the deal.

The facility consists of a $250 million revolver due in 2012 (BB-), a $900 million first-lien term loan B due in 2013 (BB-) and a $320 million second-lien term loan C due in 2014 (B).

Proceeds will be used, along with cash on hand, to fund the tender offer for Quintiles' $450 million of 10% senior subordinated notes due 2013 and Pharma Services Intermediate Holding Corp.'s $219 million of 11½% senior discount notes due 2014.

Quintiles is a Durham, N.C., pharmaceutical services company.

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