PPD talks $700 million eight-year senior notes to yield 5%-5¼%; pricing Thursday

By Paul A. Harris

Portland, Ore., May 21 – Pharmaceutical Product Development plans to price a $700 million offering of senior notes due June 15, 2028 (B2/B) in a Thursday drive-by, according to market sources.

Price talk has the notes coming to yield 5% to 5¼%, tight to early guidance in the mid 5% area.

Books close at 1 p.m. ET on Thursday.

Barclays, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, BofA Securities Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Mizuho Securities USA Inc. and UBS Securities LLC are the joint bookrunners.

The notes become callable after three years at par plus 50% of the coupon.

The issuing entities are Jaguar Holding Co. II and PPD Development, LP.

The Wilmington, N.C.-based provider of integrated drug development, laboratory and lifecycle management services plans to use to proceeds to refinance its 6 3/8% senior notes due 2023.

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