Pharmaceutical Product tightens OID on $200 million term loan to 99

By Sara Rosenberg

New York, April 13 – Pharmaceutical Product Development LLC (Jaguar Holding Co. II) revised the original issue discount on its fungible $200 million tack-on first-lien term loan due Aug. 18, 2022 to 99 from 98.75, according to a market source.

Pricing on the tack-on loan is Libor plus 325 basis points with a step-down and a 1% Libor floor, which matches pricing on the company’s existing $2,556,000,000 term loan.

There is no call protection on the loan.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Proceeds will be used to fund an acquisition.

The tack-on loan includes a ticking fee of the spread plus the floor beginning 31 days post allocating.

Commitments were due at noon ET on Wednesday.

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

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