Pharmaceutical Product Development offers $900 million PIK toggle notes; whisper is 8¼% area

By Paul A. Harris

Portland, Ore., May 7 – Pharmaceutical Product Development, LLC is in the market with a PIK toggle holdco dividend deal, a reliable sign of a hot market, according to sources.

Issuing via Eagle Holding Co. II, LLC, the Wilmington, N.C.-based contract pharmaceutical research services provider plans to price a $900 million offering of three-year PIK toggle notes (Caa1/CCC+) in a quick-to-market Tuesday trade.

Initial guidance has the deal coming with a yield in the 8¼% area, a trader said.

J.P. Morgan Securities LLC has the books.

Proceeds will be used to fund a dividend to Pharmaceutical Product Development shareholders.

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