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Moody's: Quintiles loan B3
Moody's Investors Service said it affirmed the B1 corporate family and probability of default ratings of Quintiles Transnational Corp.
The agency also said it assigned a B3 rating to the proposed $300 million term loan, which will be issued by Quintiles Transnational Holdings, Inc.
The agency also affirmed the B1 rating on the existing senior secured credit facility.
The outlook is stable.
In connection with this transaction, Moody's said it will move the corporate family and probability of default ratings from Quintiles Transnational to Quintiles Transnational Holdings.
The proceeds will be used to fund about $335 million distribution to shareholders.
The ratings are constrained by the company's somewhat high financial leverage and modest free cash flow relative to debt, the agency said.
The ratings are supported by the company's size, scale and leading position as both a pharmaceutical contract research organization and a contract sales organization, Moody's said.
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