Jaguar Holding to sell $500 million five-year PIK toggle notes

By Paul A. Harris and Aleesia Forni

Columbus, Ohio, Oct. 10 - Jaguar Holding Co. I (PPDI) is considering a $500 million offering of five-year senior payment-in-kind toggle notes (expected ratings Caa1/CCC+), a market source said.

An investor call was scheduled to take place at 11 a.m. ET on Wednesday.

J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, UBS Securities LLC, Deutsche Bank Securities Inc. and Goldman Sachs & Co. are the joint bookrunners.

The Rule 144A and Regulation S for life notes will be callable in two years at 102, then at 101 and at par in subsequent years.

The PIK yield will be set 75 basis points higher than the cash yield.

The Wilmington, N.C.-based company will use proceeds, along with cash on hand, to fund a dividend to shareholders.

Jaguar is a global contract research organization providing clinical trial and lab services to pharmaceutical and biotechnology industries.

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