PRA Health Sciences files for initial public offering
PRA Health Sciences, a Raleigh, N.C.-based CRO, has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) relating to a proposed initial public offering (IPO) of shares of its common stock by PRA Health Sciences and an affiliate of Kohlberg Kravis Roberts (the selling stockholder). The number of shares to be offered and the price range has not yet been determined.
PRA Health Sciences intends to use the proceeds from the IPO to reduce the company’s debt by redeeming a portion of senior notes that have been issued by the company and to repay a portion of borrowings under credit facilities. The selling stockholder will receive all of the proceeds from the sale of its shares in the offering.