PRA's $375 million note offering expected to launch on Wednesday

By Paul A. Harris

Portland, Ore., Sept. 9 - PRA Holdings, Inc. is expected to launch a $375 million offering of senior notes on Wednesday, according to a buyside source.

Credit Suisse Securities (USA) LLC, Jefferies Securities LLC, UBS Investment Bank and KKR Capital Markets will manage the sale of notes, according to market sources.

Proceeds will be used to help fund KKR's buyout of PRA International from Genstar Capital LLC and ReSearch Pharmaceutical Services Inc. from Warburg Pincus and the merger of the two companies.

The financing also includes $950 million of new bank debt.

PRA is a Raleigh, N.C.-based contract research organization, providing outsourced clinical development services to the biotechnology and pharmaceutical industries. ReSearch Pharmaceutical is a Fort Washington, Pa.-based provider of outsourced clinical development services.

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