ICON inks committed financing for $12B acquisition of PRA Health Sciences

Dublin-based ICON PLC, which is rated BBB-/Baa3, disclosed that it has obtained fully committed debt financing from Citi in connection with its planned $12 billion acquisition of PRA Health Sciences Inc., which is expected to close during the third quarter of 2021.

ICON also plans to use cash on hand to finance the acquisition.

In October 2019, PRA obtained a $1.75 billion pro rata credit facility to refinance its previous facility. The October 2019 facility included a $1 billion term loan A and $750 million revolver, with pricing tied to a leverage-based grid, at L+100-200.

PRA Health Sciences is a contract research organization providing outsourced clinical development services and is based in Raleigh, N.C. The company is rated BB by S&P Global Ratings.