Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Jan. 29 (Bloomberg) -- INC Research Inc., an operator of global clinical-development programs in oncology, pediatrics and other health areas, is seeking to lower the rate it will pay on a $296 million term loan B, according to a person with knowledge of the transaction.

The interest rate on the debt will be reduced to 4.5 percentage points to 4.75 percentage points more than the London interbank offered rate and will be sold at par, said the person, who asked not to be identified because the information is private. Libor, a rate banks say they can borrow in dollars from each other, will have a 1.25 percent floor.

JPMorgan Chase & Co. is arranging the transaction for the Raleigh, North Carolina company and commitments are due by noon on Feb. 1 in New York, the person said.

The company’s existing term loan pays interest at 5.75 percentage points more than Libor, with a 1.25 percent floor, according to data compiled by Bloomberg. The debt was sold to investors at 97 cents on the dollar and was quoted at 102.25 cents on the dollar today, the data show.

David Gill, chief financial officer of INC Research, didn’t immediately respond to an e-mail seeking comment.

To contact the reporter on this story: Michael Amato in New York at Mamato3@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.