Print
Health Care

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.

Ico insights

INSIGHTS

SPONSORS' CONTENT
Frankjolly liveoakprivatewealth

Roaring Market, Rocky Economy

Frank Jolley - Live Oak Private Wealth
Chris coudriet

Share Your Feedback, Perceptions About Workforce Housing And Housing Affordability

Chris Coudriet - New Hanover County Government
Carolinemontgomery4

Tax Notices In A Covid-19 World

Caroline Montgomery - Adam Shay CPA, PLLC

Trending News

After City's Stay Motion Granted, Short-term Rental Owners Await Next Move

Cece Nunn - Sep 18, 2020

Q&A: How Wilmington's Corning Facility Plays Vital Role In Optical Fiber Business

Christina Haley O'Neal - Sep 18, 2020

In The Current Issue

Biz Expo Keynote: North Carolina's Race For The U.S. Senate

U.S. Senator Thom Tillis and challenger Cal Cunningham will speak at the 2020 Wilm­ingtonBiz Conference & Expo....


Connecting The Business Community Amid The Shutdowns

This year's WilmingtonBiz Conference & Expo is a little different, but still aims to help the area's business community make vital one-on-on...


Making Room For Outdoor Dining

Places to eat and drink are expanding outdoor spaces to accommodate more customers and help with increased revenue....

Book On Business

The 2020 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2020 Leadership Accelerator: Virtual Workshops for Real Leaders
2019 Health Care Heroes
August 26, 2019 Power Breakfast: A Healthy Sale?
2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`