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Bain’s Quintiles Pays Up for Loan

Company pays 50% more for $300 mln borrowing to fund dividend to owners.

By Christine Idzelis, Bloomberg | Updated on March 09, 2012

Quintiles Transnational Corp. is paying as much 50 percent more for a $300 million loan than on a similar borrowing in June, burdening the company with increased interest costs to fund its second dividend in a year to Bain Capital LLC and TPG Capital.

The biggest provider of testing and drug-trial services to pharmaceutical and biotech firms will pay a fixed 7.5 percent on the five-year credit, according to data compiled by Bloomberg. It pays a minimum 5 percent on a $2 billion floating-rate, seven-year term loan it obtained last year, also used to finance a dividend to its private-equity owners, the data show.

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