PRA International flexes $888 million loan to Libor plus 350 bps

By Sara Rosenberg

New York, March 10 - PRA International increased pricing on its roughly $888 million term loan to Libor plus 350 basis points from talk of Libor plus 300 bps to 325 bps, according to a market source.

The term loan still has a 1% Libor floor, a par offer price and 101 soft call protection for six months.

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

Proceeds will be used to reprice an existing term loan from Libor plus 400 bps with a 1% Libor floor.

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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