PRA Holdings buys 59% of 9½% notes in oversubscribed tender offer

By Susanna Moon

Chicago, March 17 – PRA Health Sciences, Inc. subsidiary PRA Holdings, Inc. said investors had tendered $133,559,000, or 59%, of its $225 million of outstanding 9½% senior notes due 2023 in the offer that ended at 11:59 p.m. ET on March 16.

The tally remains unchanged from the level at 5 p.m. ET on March 2, the early tender date.

The purchase price was $1,130 per $1,000 principal amount of notes tendered by the early tender deadline. The total amount includes an early tender payment of $50 for each $1,000 of notes.

The company will also pay accrued interest up to but excluding the settlement date of March 17.

The company was originally tendering for up to $75 million principal amount of the notes, as announced Feb. 18.

PRA said on March 3 that it had increased the maximum tender amount in the tender offer to $133,559,000 and that it planned to fund the offer using cash on hand, borrowings under its senior secured revolving credit facility or alternate financings.

Because the offer was fully subscribed, only notes tendered before the early tender deadline were accepted for purchase, and no notes tendered after the deadline would be purchased in the offer, the company previously said.

The dealer manager is Citigroup Global Markets Inc. (212 723-6106 or 800 558-3745). The depositary and the information agent is Global Bondholder Services Corp. (866 794-2200 or 212 430-3774).

PRA is a contract research organization based in Raleigh, N.C.

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