PRA talks $375 million 10-year senior notes to yield 9¼%-9½%

By Paul A. Harris

Portland, Ore., Sept. 17 - PRA Holdings, Inc. talked its $375 million offering of 10-year senior notes to yield 9¼% to 9½%, a syndicate source said on Tuesday.

Covenant changes will be announced on Wednesday, the source added.

Books close at 2 p.m. ET on Wednesday, and the Rule 144A and Regulation S for life deal is set to price thereafter.

Credit Suisse Securities (USA) LLC, Jefferies Securities LLC, UBS Investment Bank, KKR Capital Markets and Citigroup Global Markets Inc. are the joint bookrunners.

The notes become callable in five years at par plus 50% of the coupon. The securities feature a three-year 40% equity clawback and a 101% poison put.

Proceeds will be used to help fund KKR's leveraged buyout of PRA International.

PRA is a Raleigh, N.C.-based contract research organization providing outsourced clinical development services to the biotechnology and pharmaceutical industries.

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