PRAH - ICON's Indigo Merger Sub to raise $2.515B through private debt offering

In connection with the proposed acquisition by ICON ([[ICLR]] -0.5%) of PRA Health Sciences (PRAH) pursuant to which Indigo Merger Sub, Inc., a wholly owned subsidiary will merge with and into PRA, with PRA surviving the Merger, that Merger Sub intends to offer $500M of senior secured notes due 2026 and $1.515B of senior secured notes due 2028 in a private offering. ICON intends to use the proceeds together with cash on hand and borrowings made under a proposed new credit facilities to fund the cash consideration payable by ICON for the Merger, refinance and repay certain existing indebtedness of ICON, its subsidiaries and PRA.In February 2021, the company announced to acquire PRA Health in a cash and stock deal valued at $12B.

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ICON's Indigo Merger Sub to raise $2.515B through private debt offering