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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.
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