BUSINESS

PRA HEALTH SCIENCES INC ANNOUNCES SECONDARY OFFERING, CONCURRENT SHARE REPURCHASE

04/09/2019 06:58 PM

KUALA LUMPUR, Sept 4 -- PRA Health Sciences Inc (the Company) has announced that KKR PRA Investors L. P. (Selling Stockholder) intend to offer for sale in an underwritten secondary offering 6,666,684 shares of common stock of the Company.

The common stock is pursuant to the Company’s shelf registration statement filed with the Securities and Exchange Commission.

The Selling Stockholder will receive all of the proceeds from this offering. No shares are being sold by the Company. The last reported sale price of the Company’s common stock on Sept 3, was US$97.59 per share. (US$1 = RM4.21)

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 offering is not conditioned upon the completion of the share repurchase. The Company intends to fund the repurchase with the proceeds of a US$300 million incremental term loan under its existing credit facilities.

It is anticipated that upon completion of these transactions, the Selling Stockholder will have disposed of all of its remaining shares of common stock of the Company.

Goldman Sachs & Co LLC will act as underwriter for the offering.

-- BERNAMA


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