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Quintiles seeks to borrow $2.2 billion to repay debt

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Quintiles Transnational, which scrapped plans in March to refinance its debt because of turmoil that disrupted the global credit markets, is ready to try again.

The Durham pharmaceutical services company announced today plans to borrow $2.2 billion. If successful, Quintiles would refinance $1.7 billion of existing debt with better terms.

The private company, with annual revenue of nearly $3 billion, doesn't have set plans for the additional capital it plans to raise, but some analysts speculated officials are hunting for acquisitions or other deals.

Quintiles wants to take advantage of "a debt market currently offering attractive terms to companies with strong financial track records," it wrote in a prepared statement.

Quintiles is the world's largest contract research organization and helps pharmaceutical and biotechnology firms develop, test and market their medicines. It employs more than 20,000 people in 60 countries, including about 1,400 in the Triangle.

In March, Quintiles postponed plans to borrow about $2.43 billion.

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About the blogger

Assistant Business Editor Alan M. Wolf joined the N&O in 1999 covering the business of health care. He became an editor in 2001, and helps oversee the paper's daily business coverage and Sunday Work&Money section. He lives in Clayton with his wife and two children. Reach him at 919-829-4572 or e-mail him.