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ICON plc (NASDAQ:ICLR) ("ICON"), a world-leading healthcare intelligence and clinical research organization, today announced the pricing of a USD 2 billion SEC-registered bond offering, consisting of $750,000,000 5.809% Senior Secured Notes due 2027, $750,000,000 5.849% Senior Secured Notes due 2029 and $500,000,000 6.000% Senior Secured Notes due 2034 (collectively, the "Notes").
The Notes will be issued by ICON's wholly-owned subsidiary, ICON Investments Six Designated Activity Company (the "Issuer"), and will be guaranteed on a senior secured basis by ICON and its existing and future wholly owned subsidiaries organized in the United States, Ireland and the Grand Duchy of Luxembourg ("Luxembourg") (the "Subsidiary Guarantors" and, collectively with ICON, the "Guarantors"), in each case that guarantee the obligations under our senior secured U.S. dollar denominated term loan facility and senior secured revolving credit facility (together, the "Senior Secured Credit Facilities") and the 2.875% senior secured notes due 2026 issued by PRA Health Sciences, Inc., a wholly owned subsidiary of ICON (the "Existing Notes"). The Notes will be senior secured obligations of the Issuer and the Guarantors and the Notes will rank equally in right of payment to all of the Issuer's and Guarantors' existing and future senior debt (including the Senior Secured Credit Facilities and the Existing Notes) and senior in right of payment to all of the Issuer's and Guarantors' existing and future subordinated debt.
The offering is expected to close on May 8, 2024, subject to the satisfaction of customary closing conditions.
Posted In: ICLR
