PRA Health refinances with $1.75 billion two-tranche credit agreement

By Wendy Van Sickle

Columbus, Ohio, Oct. 30 – PRA Health Sciences, Inc. and wholly owned subsidiary Pharmaceutical Research Associates, Inc. on Monday refinanced their credit agreement dated Dec. 6, 2016 with a new $1 billion term loan and a $750 million revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

Interest on the revolving loans and term loans is Libor plus a margin ranging from 100 basis points to 200 bps, based on the ratio of total debt to EBITDA.

The term loans will amortize quarterly in equal installments of 2.5% of the refinanced amount, with the remainder due at maturity.

The maturity date of each tranche is Oct. 28, 2024.

PNC Capital Markets LLC is the bookrunner and a lead arranger along with BofA Securities, Inc., JPMorgan Chase Bank, NA, SunTrust Robinson Humphrey, Inc., TD Bank, NA and Wells Fargo Bank, NA.

PNC Bank, NA is the administrative agent.

JPMorgan and Wells are the syndication agents. BofA, SunTrust Bank and TD Bank are the co-documentation agents.

PRA Health Sciences is a contract research organization providing comprehensive clinical development services in the pharmaceutical industry. It is based in Raleigh, N.C.

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