ICON reduces pricing of $300 million revolving credit facility

By Wendy Van Sickle

Columbus, Ohio, April 25 – ICON plc reduced the margin on its $300 million senior secured revolver by 40 basis points to 85 bps, according to a 6-K filing with the Securities and Exchange Commission.

The margin is subject to change under a pricing grid that is based on ICON’s corporate family rating assigned by S&P.

Additionally, the commitment fee, which is also subject to change on the same basis, was reduced to 29.75 bps from 43.75 bps, the utilization fee was raised by 15 bps, and the credit adjustment spread was eliminated.

During the quarter ended March 31, the company made principal repayments, comprising mandatory and voluntary repayments of $275 million of the senior secured term loan facility. The voluntary repayment resulted in an accelerated charge associated with previously capitalized fees of $2 million.

In addition, the company drew down $50 million of the senior secured revolving loan facility and repaid $55 million.

ICON is a Dublin-based provider of outsourced drug and device development and commercialization services to the pharmaceutical, biotechnology and medical device industries and government and public health organizations.

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