Tuesday, September 10, 2019

Pricing of secondary offering, concurrent share repurchase announced - PRA Health Sciences Inc

KUALA LUMPUR, Sept 5 (Bernama) -- PRA Health Sciences Inc (the Company) has announced the pricing of the previously announced secondary offering of shares of its common stock.

KKR PRA Investors L. P. (the Selling Stockholder) has agreed to sell an aggregate of 6,666,684 shares of the Company’s common stock in an underwritten public offering at a price of US$97.50 per share. (US$1 = RM4.20)

The offering is expected to close on Sept 6, subject to customary closing conditions, according to a statement.

The closing of the share repurchase is conditioned on, and expected to occur simultaneously with the closing of the offering, subject to the satisfaction of other customary conditions.

The Company intends to fund the repurchase of common stock from the Selling Stockholder with the proceeds of a US$300 million incremental term loan under its existing credit facilities.

Upon completion of these transactions, the Selling Stockholder would have disposed of all of its remaining shares of common stock of the Company.

Goldman Sachs & Co LLC acted as underwriter for the offering.

-- BERNAMA

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