PPD’s $550 Million Senior PIK Toggle Notes


Simpson Thacher represented J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, Barclays Capital Inc., UBS Securities LLC and Jefferies LLC, as initial purchasers, in the sale of $550 million aggregate principal amount of 7.625%/8.375% Senior PIK Toggle Notes due 2022 by Eagle Holding Company II, LLC (the “Issuer”), an indirect parent of Pharmaceutical Product Development, LLC (“PPD”).

The Issuer used the proceeds from the offering as part of PPD’s recapitalization with existing owners and new investors.

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 Art Robinson (Picture), David Azarkh, Siobhan Lam and Evan Zuckerman (Capital Markets); Andrew Pagliughi (Blue Sky); Mark Chorazak (Cybersecurity); Paul Koppel, Larry Moss and Monisha Bhayana (ECEB); Mike Isby and Timothy Mulvihill (Environmental); Genevieve Dorment (IP); Noah Leibowitz and Amber Harezlak (Life Sciences Regulatory); and Jon Cantor and Jodi Schneider (Tax). Summer Associate Nelson Wang.

Involved fees earner: Arthur Robinson – Simpson Thacher & Bartlett; David Azarkh – Simpson Thacher & Bartlett; Siobhan Lam – Simpson Thacher & Bartlett; Evan Zuckerman – Simpson Thacher & Bartlett; Andrew Pagliughi – Simpson Thacher & Bartlett; Mark Chorazak – Simpson Thacher & Bartlett; Paul Koppel – Simpson Thacher & Bartlett; Laurence Moss – Simpson Thacher & Bartlett; Monisha Bhayana – Simpson Thacher & Bartlett; Michael Isby – Simpson Thacher & Bartlett; Timothy Mulvihill – Simpson Thacher & Bartlett; Genevieve Dorment – Simpson Thacher & Bartlett; Noah Leibowitz – Simpson Thacher & Bartlett; Amber Harezlak – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett; Jodi Schneider – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: Barclays Bank; Barclays Capital; Goldman, Sachs & Co.; Jefferies; UBS; JP Morgan Securities;

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Author: Ambrogio Visconti