Pharmaceutical Product Development, LLC’s $900 Million High Yield Debt Offering and Consent Solicitation


Simpson Thacher represented Eagle Holding Company II, LLC (the “Issuer”), an indirect parent of Pharmaceutical Product Development, LLC (“PPD”), in connection with a Rule 144/Regulation S offering of $900 million aggregate principal amount of 7.75%/8.5% Senior PIK Toggle Notes due 2022.

The Issuer intends to use the net proceeds from the offering and cash on hand to pay dividends and distributions to its parent, which in turn will make distributions to such parent’s shareholders and option holders.

Simpson Thacher also represented the Issuer in connection with the successful solicitation of consents from holders of its 7.625%/8.375% Senior PIK Toggle Notes due 2022 (the “Existing Notes”), with respect to certain proposed amendments to the indenture governing the Existing Notes.

PPD is a leading global contract research organization and has been in the drug development business for more than 30 years. PPD provides comprehensive, integrated clinical development and laboratory services to companies and other participants in the biopharmaceutical industry.

The Simpson Thacher team included William Brentani (Picture), Luis R. Pellerano, Karen Reyes, Brittani Frink and Anna LeGrett (Capital Markets); Naveed Anwar and Christopher Sun (M&A); Katharine Moir and Jonathan Cantor (Tax); Vanessa K. Burrows (Healthcare); Erin Murphy (ERISA); Marcela Robledo (IP); and Jeannine McSweeney and Jason Fixelle (ECEB).

Involved fees earner: Naveed Anwar – Simpson Thacher & Bartlett; William Brentani – Simpson Thacher & Bartlett; Vanessa Burrows – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett; Jason Fixelle – Simpson Thacher & Bartlett; Brittani Frink – Simpson Thacher & Bartlett; Anna LeGrett – Simpson Thacher & Bartlett; Jeannine McSweeney – Simpson Thacher & Bartlett; Katharine Moir – Simpson Thacher & Bartlett; Erin Murphy – Simpson Thacher & Bartlett; Luis Rafael Pellerano – Simpson Thacher & Bartlett; Karen Reyes – Simpson Thacher & Bartlett; Marcela Robledo – Simpson Thacher & Bartlett; Christopher Sun – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: Eagle Holding Company;

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Author: Ambrogio Visconti