RALEIGH, N.C., Sept 4 (Bernama-GLOBE NEWSWIRE) -- PRA Health Sciences, Inc. (the “Company”) (NASDAQ: PRAH) today announced that its Board of Directors (the “Board”) has authorized a $500 million share repurchase program, effective immediately.
Under the program, the Company is authorized to repurchase shares of its common stock through open market purchases, privately-negotiated transactions, secondary offerings, block trades or otherwise in accordance with all applicable securities laws and regulations, including through trading plans complying with the rules and regulations of the Securities and Exchange Commission (the “SEC”). The repurchase program expires on December 31, 2021.
In addition, the Company announced that, subject to the completion of the announced underwritten secondary offering of the Company’s common stock by KKR PRA Investors L.P. (the “Selling Stockholder”), it intends to repurchase from the underwriter in such offering, out of the 6,666,684 shares of common stock, a number of shares having an aggregate purchase price of $300 million at a price per share equal to the price at which the underwriter will purchase the shares from the Selling Stockholder. The closing of such share repurchase is conditioned on, and expected to occur simultaneously with, the closing of the secondary offering, subject to the satisfaction of other customary conditions. The Company intends to fund such share repurchase with the proceeds of a $300 million incremental term loan under its existing credit facilities. Following the completion of such share repurchase, the Company will have approximately $200 million of remaining availability under the share repurchase program.
Future repurchases under the Company’s share repurchase program will be funded by available liquidity, including available cash or borrowings under existing or future credit facilities. The share repurchase program does not obligate the Company to repurchase any particular amount of its common stock, and it may be modified, suspended or terminated at any time at the Board’s discretion. The timing and amount of any purchases of common stock will be based on the Company’s liquidity, general business and market conditions, debt covenant restrictions and other factors, including alternative investment opportunities.
Contact:
PRA Health Sciences, Inc.
Laurie Hurst
Director, Communications and Public Relations
919-786-8435
HurstLaurie@prahs.com
Mike Bonello
Chief Financial Officer
919-786-8270
InvestorRelations@prahs.com
http://mrem.bernama.com/viewsm.php?idm=35392
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