Parexel upsizes unsecured credit facility to $315 million

By Sara Rosenberg

New York, Sept. 2 - Parexel International Corp. increased its unsecured credit facility due June 13, 2013 to $315 million from $300 million, according to an 8-K filed with the Securities and Exchange Commission Tuesday.

The facility consists of a $165 million revolver and a $150 million term loan, with both tranches initially priced at Libor plus 150 basis points. Pricing can range from Libor plus 100 bps to 175 bps based on leverage.

JPMorgan and KeyBank acted as the joint lead arrangers and joint bookrunners on the deal, with JPMorgan the administrative agent.

Borrowings are available to fund acquisitions, repay outstanding debt, for stock repurchases and for other general corporate purposes.

Parexel is a Waltham, Mass.-based biopharmaceutical services company.

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