BOSTON, June 25, 2013 /PRNewswire/ -- PAREXEL International Corporation (Nasdaq: PRXL), a leading global biopharmaceutical services provider, announced today that the Company has entered into a note purchase agreement with a select group of institutional investors for a private placement financing. Upon completing the transaction, PAREXEL will receive gross proceeds of $100 million from the sale of the notes with a seven year bullet maturity and a 3.11 % coupon. Merrill Lynch, Pierce, Fenner & Smith Incorporated, and US Bancorp Investments, Inc. served as placement agents. The draw-down of the funds will take place on July 25, 2013.
Proceeds from the private placement are projected to be utilized for paying down outstanding debt under the Company's revolving credit facility. The terms of the note purchase agreement permit the proceeds to also be used for working capital purposes, stock repurchase financing, debt refinancing, and for general corporate purposes including the financing of acquisitions.
"This private placement will provide PAREXEL with longer term funding at a low cost. It enables the Company to have additional financing flexibility, and will allow us to further expand our business," stated Josef von Rickenbach, Chairman and Chief Executive Officer.
This announcement is neither an offer to sell nor a solicitation of an offer to buy any securities of the Company. The securities offered and sold in the private placement have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration under the Securities Act and applicable state securities laws.About the Company PAREXEL International Corporation is a leading global bio/pharmaceutical services organization, providing a broad range of knowledge-based contract research, consulting, and medical communications services to the worldwide pharmaceutical, biotechnology and medical device industries. Committed to providing solutions that expedite time-to-market and peak-market penetration, PAREXEL has developed significant expertise across the development and commercialization continuum, from drug development and regulatory consulting to clinical pharmacology, clinical trials management, medical education and reimbursement. Perceptive Informatics, Inc., a subsidiary of PAREXEL, provides advanced technology solutions, including medical imaging, to facilitate the clinical development process. Headquartered near Boston, Massachusetts, PAREXEL operates in 78 locations throughout 52 countries around the world, and had approximately 14,400 employees as of April 30, 2013. For more information about PAREXEL International visit www.PAREXEL.com. PAREXEL and Perceptive Informatics are registered trademarks of PAREXEL International Corporation or its affiliates.