Pharmaceutical Product Development (PPD) is seeking a $1.325 billion term loan to fund its buyout by alternative asset manager Carlyle Group and private equity investment firm Hellman & Friedman, Bloomberg reports. The provider of drug discovery and development services will discuss debt terms with prospective lenders on November 8 in New York.
Credit Suisse Group has been appointed to arrange the financing. The seven-year debt will carry a coupon rate 5.5 percentage points more than the London interbank offered rate. The PPD purchase transaction is valued at $3.9 billion.
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Pharmaceutical Product Development Hellman Credit Suisse Group Carlyle Group Friedman