ICON starts roadshow for $2.02 billion secured notes in two parts; pricing expected Thursday

By Paul A. Harris

Portland, Ore., June 14 – ICON plc began a roadshow on Monday for $2.015 billion of senior secured notes (Ba1/BB+), according to market sources.

The deal included $500 million of five-year notes, callable after two years at par plus 50% of the coupon, with initial guidance in the low 3% area.

It also included $1.515 billion of seven-year notes, callable after three years at par plus 50% of the coupon, with initial guidance in the high 3% area.

The Rule 144A and Regulation S for life deal, which was set to kick off on a Monday conference call with investors, is expected to price on Thursday.

Citigroup is the lead left bookrunner. Morgan Stanley is the joint bookrunner. HSBC, JPMorgan and Santander are the joint lead managers.

Proceeds plus new senior secured credit facilities will be used to fund the acquisition of PRA Health Services Inc. and refinance ICON’s and PRA’s debt.

The issuing entities will be Indigo Merger Sub, Inc., which will be merged with and into PRA Health Services, upon closing. PRA will be the continuing issuer.

The company is a Dublin, Ireland-based provider of outsourced drug and device development and commercialization services.

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