PRA Health Closes IPO

(RTTNews) - Clinical research company PRA Health Sciences Inc (PRAH) Tuesday announced the closing of its initial public offering of its common stock. Shares of PRA began trading on the Nasdaq Global Select Market on November 13 under the ticker symbol PRAH.

In connection with the offering, PRA issued about 19.52 million shares of common stock, including nearly 2.55 million common shares issued pursuant to the full exercise of the underwriters' option to purchase additional shares.

The offering raised net proceeds of about $330 million after deducting underwriting discounts and commissions and estimated offering expenses, and PRA intends to use the proceeds to reduce debt and for general corporate purposes.

Specifically, PRA plans to redeem $150 million in aggregate principal amount of the 9.5% Senior Notes due 2023 at a redemption price of 109.5% of their face value, repay about $152.1 million of the senior secured term loan facility maturing in September 2020 of PRA Holdings Inc and use the remaining net proceeds for general corporate purposes. The number of common shares outstanding, after giving effect to the offering, totals approximately 59.8 million.