INC Research Holdings announced the refinancing of its credit facility through entry into a new $675 million senior secured credit facility consisting of a $525 million term loan and a revolving credit facility of $150 million with certain lenders and Wells Fargo Bank, as administrative agent and collateral agent.

Borrowings under the facility bear interest at a rate per annum equal to an applicable margin plus the one-month LIBOR rate. The applicable margin for borrowings is initially 2.00+ACU-, with reductions subject to a pricing grid.

The senior facilities require the company to make scheduled quarterly payments of 5 of the original principal amount of the Senior Credit Facilities in year one, 7.5 in years two and three, 10 in year four, and 12.5 in year five, with the balance due on the maturity date of May 14, 2019.

INC Research is a global contract research organization (CRO) providing the full range of Phase I to Phase IV clinical development services for the biopharmaceutical and medical device industries.