Daily News: September 26, 2013

Paul Hastings Advises KKR on Acquisition of Research Orgs


Paul Hastings, a global law firm, announced that the firm advised the debt financing providers in connection with affiliates of Kohlberg Kravis Roberts & Co.’s acquisitions of PRA International and ReSearch Pharmaceutical Services, both global contract research organizations that provide outsourced clinical development services to the biotechnology and pharmaceutical industries.

Paul Hastings represented UBS Securities, Jefferies Finance, Credit Suisse Securities (USA), KKR Capital Markets and Citigroup Global Markets as joint lead arrangers, and UBS AG, Stamford Branch as administrative agent in connection with an $825 million senior secured term loan and a $125 million senior secured revolving credit facility.

Paul Hastings represented Credit Suisse Securities (USA), Jefferies Finance, UBS Securities, KKR Capital Markets and Citigroup Global Markets as initial purchasers in connection with the Rule 144A/Reg S offering of $375 million aggregate principal amount of 9.500% Senior Notes Due 2023 by Pinnacle Merger Sub, which was merged with and into PRA Holdings at closing.

Proceeds of the senior secured credit facilities and the senior notes at closing were used to partially finance the acquisitions of PRA International and ReSearch Pharmaceutical Services by affiliates of Kohlberg Kravis Roberts & Co. L.P.

Leveraged Finance partner Michael Michetti led the Paul Hastings team, which also included partners Michael Baker, Randal Palach and Joel Simon and associates Joseph Fastiggi, Heidi Spalholz, Valerie Silverman, Tahira Prince, Felicia Yen and Mitchell Zuckerman.