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PPD Offering $1.2B In Senior Notes

By Staff Reports, posted May 22, 2020
PPD Inc., with headquarters in Wilmington, intends to offer $1.2 billion in senior notes. (File photo)
Wilmington-based PPD Inc. has announced the offering of $1.2 billion in senior notes, according to a news release.

Jaguar Holding Company II and PPD Development L.P., both indirect wholly-owned subsidiaries of the company, upsized and finalized the terms of the offering of $500 million aggregate principal amount of 4.625% senior notes due 2025, and $700 million aggregate principal amount 5% senior notes due 2028, stated the release. 

The aggregate principal amount of the notes to be issued in the offering was increased to $1.2 billion from the previously announced $700 million, officials said. 

"The notes are expected to be guaranteed on a full and unconditional basis by the company and certain of its subsidiaries, including subsidiaries that are borrowers or guarantors under such borrowers’ senior secured credit facilities. The offering of the notes is expected to close on June 5, 2020, subject to customary closing conditions.

"The company estimates that the net proceeds from such offering will be approximately $1,811 million, after deducting the initial purchasers’ discounts and estimated offering expenses. The company intends to use the net proceeds from such offering of the notes, together with cash on hand, to redeem all of the 6.375% Senior Notes due 2023 issued by Jaguar and Pharmaceutical Product Development LLC in August 2015," stated the release.

The notes and related guarantees are being offered to qualified institutional buyers "in reliance on Rule 144A under the Securities Act, as amended (the “Securities Act”)," and outside the U.S., only to non-U.S. investors pursuant to Regulation S, stated the release. 

"The notes and related guarantees will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws," stated the release.

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