Parexel International completes $475M add-on term loan B; terms

PAREXEL International Corp. completed a $475 million fungible add-on to its covenant-lite term loan B due September 2024 (L+275, 0% Libor floor) at an issue price of 99.25 in a BofA Securities-led transaction, according to sources. Proceeds from the incremental term loan, along with cash on hand, will be used to refinance the issuer's $519 million issue of 6.375% senior unsecured notes due 2025 and to pay related fees and expenses. The transaction was originally structured as a $2.3 billion, seven-year term loan that would have also refinanced the issuer's existing $1.8 billion TLB as well as the notes. Parexel, backed by Pamplona Capital, is a global biopharmaceutical services company, providing clinical research, consulting, medical communications and technology services to the pharmaceutical, biotechnology and medical-device industries. Terms: