Simpson Thacher represented Kohlberg Kravis Roberts & Co. L.P. (“KKR”) in the substantially contemporaneous acquisitions of PRA Holdings, Inc. (“PRA”) by KKR and of RPS Parent Holding Corp. (“RPS”) by PRA. As part of the financing for the acquisitions, PRA issued $375 million aggregate principal amount of 9.500% Senior Notes due 2023 in a Rule 144A and Regulation S offering and entered into a new $825 million term loan facility and a new $125 million revolving credit facility.
PRA used the net proceeds from this offering, borrowings from the new term loan facility and an equity contribution from KKR and management to finance the acquisition of PRA by KKR, the substantially contemporaneous acquisition of RPS by PRA, the repayment of PRA’s and RPS’s existing outstanding debt and the payment of fees and expenses in connection with the transactions.
PRA, headquartered in Raleigh, NC, is a leading global contract research organization (“CRO”) providing outsourced clinical development services to the biotechnology and pharmaceutical industries. RPS is a leading CRO providing clinical development services to the biotechnology and pharmaceutical industry.
The Simpson Thacher team for the transactions included Ravi Agarwal, Phong Quan and Christopher Dass (M&A); Richard Fenyes, David Azarkh and Siobhan Lam (Capital Markets); James Cross, Dan Kay, Doug Brown and Taylor Smith (Credit); Steve Todrys and Jodi Sackel (Tax); Marcela Robledo and Michelle Morad (IP); Eric Wolf (ECEB); Adeeb Fadil (Environmental); Krista McManus (Real Estate).