By Lisa Kerner
Charlotte, N.C., June 25 - Parexel International Corp. agreed to place $100 million of 3.11% notes with institutional investors.
The notes have a seven-year bullet maturity, according to a company news release.
Draw-down of the funds will take place on July 25.
Parexel expects to use the proceeds to pay down outstanding debt under its revolving credit facility but is permitted to use the proceeds for working capital purposes, to repurchase stock, to refinance debt and for general corporate purposes including the financing of acquisitions.
The private placement enables Parexel "to have additional financing flexibility, and will allow us to further expand our business," said chairman and chief executive officer Josef von Rickenbach in a news release.
Merrill Lynch, Pierce, Fenner & Smith Inc. and US Bancorp Investments, Inc. were placement agents.
Waltham, Mass.-based Parexel is a biopharmaceutical services company.
| Issuer: | Parexel International Corp.
|
| Issue: | Notes
|
| Amount: | $100 million
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| Coupon: | 3.11%
|
| Maturity: | Seven-year bullet
|
| Priced: | June 25
|
| Settlement: | July 25
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| Distribution: | Private placement
|
| Agents: | Merrill Lynch, Pierce, Fenner & Smith Inc. and US Bancorp Investments, Inc.
|
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