ICON’s Financings for the Acquisition of PRA Health Sciences

Cahill Gordon & Reindel LLP, Noerr and Schima Mayer Starlinger represented ICON in the transaction, while Latham & Watkins represented the lead arrangers and lenders, and the initial purchasers. Matheson advised Citi.

The Acquisition closed on July 1, 2021.

The approximately $6.3 billion of debt financings for the Acquisition included a $5,515,000,000 term loan B, and a $300 million revolving credit facility, and a Rule 144A offering of $500 million aggregate principal amount of 2.875% senior secured notes due 2026.

Proceeds from the term loan and the notes offering were used to fund the cash consideration for the Acquisition, refinance certain existing indebtedness and to pay related fees and expenses.

ICON is a global provider of outsourced development and commercialisation services to the pharmaceutical, biotechnology and medical device industries.

Cahill represented ICON plc was led by corporate partners Kimberly Petillo-Décossard (Picture), Ross Sturman, Adam Dworkin, Beth Yahl, and Tony Wolfe, corporate associates Joe Rosati, Catherine Schaefer, Alexa Kaminsky, Jon-Michael Giannuzzi, Yekaterina Fomitcheva, Sam Esclavon, Steven Wasserfall, and Tim Cusack, tax partner Craig Horowitz, tax associate Samir Kurani, executive compensation partner Glenn Waldrip, executive compensation counsel Mark Gelman, antitrust partner Elai Katz, antitrust counsel Lauren Rackow, and corporate governance partner Brock Bosson.

The Latham capital markets team advising Citigroup Global Markets Inc., Banco Santander S.A., HSBC Continental Europe SA, J.P. Morgan Securities Plc and Morgan Stanley Bank International Limited was led by New York partners Erika Weinberg and Jason Ewart and London partner Scott Colwell, with associates Will Clark, Nigel Frank, and Autumn Dunn. The Latham finance team was led by New York partner Eugene Mazzaro, with counsel Bryce Schunke and associates Natasha Graham and Ed Prevost. Advice was also provided on tax matters by New York partner Jiyeon Lee-Lim, with associate Lukas Kutilek, and on other finance matters by New York partner Larry Safran, with counsel Brian Rock.

Noerr’s team included Budapest-based Partners Edina Schweizer and Joerg Menzer, Moscow-based Associated Partner Stefan Weber and Senior Associate Artem Kara, Brussels-based Co-Managing Partner Jens Peter Schmidt and Senior Associate Philipp Studt, and Frankfurt-based Partner Fabian Badtke and Associate Sascha Giller.

The Schima Mayer Starlinger team included Partners Christian Mayer and Moritz Am Ende and Associate Elisabeth Wielinger.

The Matheson team comprised of Finance and Capital Markets partners Paul Carroll and Patrick Molloy, Commercial Real Estate partner Cillian O’Boyle and the Tax team John Ryan, Brian Doohan and Philip Tully.

Involved fees earner: Brockton Bosson – Cahill Gordon & Reindel; Timothy Cusack – Cahill Gordon & Reindel; Adam Dworkin – Cahill Gordon & Reindel; Samuel Esclavon – Cahill Gordon & Reindel; Yekaterina Fomitcheva – Cahill Gordon & Reindel; Mark Gelman – Cahill Gordon & Reindel; Jon-Michael Giannuzzi – Cahill Gordon & Reindel; Craig Horowitz – Cahill Gordon & Reindel; Alexa Kaminsky – Cahill Gordon & Reindel; Elai Katz – Cahill Gordon & Reindel; Samir Kurani – Cahill Gordon & Reindel; Kimberly Petillo-Décossard – Cahill Gordon & Reindel; Lauren Rackow – Cahill Gordon & Reindel; Joseph Rosati – Cahill Gordon & Reindel; Ross Sturman – Cahill Gordon & Reindel; Glenn Waldrip Jr. – Cahill Gordon & Reindel; Steven Wasserfall – Cahill Gordon & Reindel; Elizabeth Yahl – Cahill Gordon & Reindel; Will Christian Clark – Latham & Watkins; Scott Colwell – Latham & Watkins; Jason Ewart – Latham & Watkins; Nigel Frank – Latham & Watkins; Natasha Graham – Latham & Watkins; Jiyeon Lee-Lim – Latham & Watkins; Eugene Mazzaro – Latham & Watkins; Edward Prevost – Latham & Watkins; Brian Rock – Latham & Watkins; Lawrence Safran – Latham & Watkins; Bryce Schunke – Latham & Watkins; Erika Weinberg – Latham & Watkins; Paul Carroll – Matheson; Brian Doohan – Matheson; Patrick Molloy – Matheson; Cillian O’Boyle – Matheson; John Ryan – Matheson; Philip Tully – Matheson; Fabian Badtke – Noerr; Sascha Giller – Noerr; Artem Kara – Noerr; Jörg Menzer – Noerr; Jens Peter Schmidt – Noerr; Edina Schweizer – Noerr; Philipp Studt-Tartarotti – Noerr; Moritz am Ende – Schima Mayer Starlinger Rechtsanwälte; Christian Mayer – Schima Mayer Starlinger Rechtsanwälte; Elisabeth Wielinger – Schima Mayer Starlinger Rechtsanwälte; Stefan Weber – Weber & Co.; Lukas Kutilek – Weil, Gotshal & Manges;

Law Firms: Cahill Gordon & Reindel; Latham & Watkins; Matheson; Noerr; Schima Mayer Starlinger Rechtsanwälte; Weber & Co.; Weil, Gotshal & Manges;

Clients: Banco Santander Sa; Citigroup Global Markets Ltd; Citigroup Global Markets Ltd; HSBC Continental Europe; ICON Plc; JP Morgan Securities; Morgan Stanley;

Author: Martina Bellini