PCI Pharma Services shops first-and second-lien term loans

By Sara Rosenberg

New York, June 14 – PCI Pharma Services is talking its $460 million first-lien term loan at Libor plus 400 basis points with a 1% Libor floor and an original issue discount of 99, and its $205 million second-lien term loan at Libor plus 850 bps with a 1% Libor floor and a discount of 98, according to a market source.

The first-lien term loan has 101 soft call protection for six months and the second-lien term loan has hard call protection of 102 in year one and 101 in year two, the source said.

The company’s $730 million credit facility also includes a $65 million revolver.

Jefferies Finance LLC and Deutsche Bank Securities Inc. are lead banks on the deal that launched with a bank meeting on Monday.

Commitments are due on June 24, the source added.

Proceeds will be used to help fund the buyout of the company by Partners Group from Frazier Healthcare Partners.

Upon closing, Frazier will retain a minority investment in the company.

PCI is a Philadelphia-based pharmaceutical services provider.

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