By Lisa Kerner
Charlotte, N.C., June 25 - Parexel International Corp. placed $100 million of 3.11% senior notes due 2020 with institutional investors on July 25, according to an 8-K filing with the Securities and Exchange Commission.
Proceeds are expected to be used to pay down outstanding debt under Parexel's revolving credit facility. The company 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.
Parexel may, at its option, prepay at any time all or part of the notes in an amount not less than 10% of the total principal amount of the notes then outstanding at par plus a make-whole amount.
The notes were placed under a June 25 note purchase agreement.
BofA Merrill Lynch and US Bancorp Investments, Inc. were placement agents.
Waltham, Mass.-based Parexel is a biopharmaceutical services company.
| Issuer: | Parexel International Corp.
|
| Issue: | Senior notes
|
| Amount: | $100 million
|
| Maturity: | July 25, 2020
|
| Coupon: | 3.11%
|
| Agents: | BofA Merrill Lynch and US Bancorp Investments, Inc.
|
| Pricing date: | June 25
|
| Settlement date: | July 25
|
| Distribution: | Private placement
|
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