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Oct. 10 (Bloomberg) -- Pharmaceutical Product Development Inc. plans to finance its buyout by Carlyle Group and Hellman & Friedman LLC with $2.2 billion of debt, according to a person with knowledge of the matter.
The company is seeking a $1.33 billion first-lien term loan, a $175 million revolving credit line and $700 million of bridge financing, said the person, who declined to be identified because the deal is private.
Carlyle and Hellman & Friedman have agreed to buy Pharmaceutical Product Development in a deal valued at $3.9 billion. The buyout firms are taking the Wilmington, North Carolina-based pharmaceutical-research business private for $33.25 a share, according to an Oct. 3 statement from PPD.
Credit Suisse AG, JPMorgan Chase & Co., Goldman Sachs Group Inc. and UBS AG have provided debt financing commitments for the deal, the company said.
Elizabeth Kuronen, a spokeswoman for Pharmaceutical Product Development, and Chris Ullman, a spokesman for Carlyle, didn’t immediately return telephone calls seeking comment. Kelly Smith, a spokeswoman for Hellman & Friedman, declined to comment.
--Editors: Faris Khan, Chapin Wright
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