In addition, the company via wholly-owned subsidiary Quintiles Transnational completed the offering of its $800m principal amount of 4.875% senior unsecured notes due 2023 in a private placement that is exempt from the registration requirements of the Securities Act of 1933. Net proceeds from the refinancing were used to repay Quintiles Transnational’s existing credit facility and may be used for general corporate purposes, including corporate transactions and equity repurchases.
“The company intends to use the net proceeds of the offering of the unsecured debt, together with the new term loans, to refinance its existing credit facilities, as well as for general corporate purposes,” spokesman Phil Bridges told Outsourcing-Pharma.com.
“We may use our existing cash, cash generated from operations or dispositions of assets or businesses or proceeds from any new financing arrangements or issuances of debt or equity securities to repay or reduce some of our outstanding obligations, to repurchase shares from our shareholders or for other purposes,” he said
Quintiles expects the refinancing to be slightly accretive to earnings per share though the company’s diluted adjusted earnings per share guidance remains unchanged.