Pharmaceutical Product to launch $460 million term loan on Monday

By Sara Rosenberg

New York, Oct. 21 – Pharmaceutical Product Development LLC (Jaguar Holding Co. II) will hold a lender call on Monday to launch a fungible $460 million add-on first-lien term loan due August 2022, according to a market source.

J.P. Morgan Securities LLC is the lead bank on the deal. Credit Suisse Securities (USA) LLC is the administrative agent.

The add-on term loan is priced at Libor plus 325 basis points with a 1% Libor floor, in line with the existing term loan, and is talked with an original issue discount of 99 to 99.5, the source said.

Included in the loan is 101 soft call protection for six months.

Proceeds will be used to fund a dividend.

Pharmaceutical Product Development is a Wilmington, N.C.-based contract research organization focused on clinical development and laboratory services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.