INC Research extends facility, cuts pricing, adds $50 million revolver

By Marisa Wong

Morgantown, W.Va., Aug. 31 – INC Research Holdings, Inc. amended its credit agreement dated May 14, 2015, with Wells Fargo Bank, NA as administrative agent on Wednesday to extend the maturity date to Aug. 31, 2021, and add a $50 million incremental revolving facility, according to an 8-K filing with the Securities and Exchange Commission.

Revolving commitments under the credit agreement now total $200 million.

In addition, among other changes, the amendment:

• Reduces pricing to Libor plus an applicable margin ranging from 125 basis points to 200 bps, depending on the company’s secured net leverage ratio;

• Reduces amortization payments for all term loans to 0% in the first year after the amendment date, 5% in the second year, 7.5% in the third and fourth years and 10% in the fifth year;

• Increases the incremental capacity under the credit agreement to $175 million from $150 million; and

• Adds some technical provisions with respect to the impact of E.U. bail-in banking legislation on liabilities of non-U.S. financial institutions.

INC Research is a Raleigh, N.C.-based therapeutically focused contract research organization.

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