NEW YORK, May 17, 2011 /PRNewswire/ -- JLL Partners Inc. is pleased to announce that it has signed a definitive agreement
Ramsey A. Frank, a Partner of JLL, said: "We are very proud of the significant accomplishments that PharmaNet has achieved since the acquisition of the company in 2009. We have worked in close partnership with the Company's management team to drive operational efficiencies, outstanding new business momentum and the highest EBITDA levels in the Company's history."
PharmaNet expects to commence a tender offer to repurchase up to all of PharmaNet’s 10 7/8% Senior Secured Notes due 2017 (the “Notes”). The consummation of the tender offer is expected to be subject to satisfaction of certain customary conditions, including the completion of the sale transaction and the tender of holders of at least 66 2/3% of the aggregate principal amount of the outstanding Notes. If the minimum percentage of the outstanding Notes is not tendered in response to the offer, PharmaNet may sell equity securities and use the proceeds to redeem up to 35% of the Notes prior to the closing of the sale transaction, as permitted under the Indenture for the Notes.
Jefferies & Co. Inc. and UBS Securities, LLC acted as financial advisors to PharmaNet in connection with the transaction, and Skadden, Arps, Slate, Meagher & Flom LLP acted as PharmaNet's legal counsel.
JLL is a New York-based leading private equity investment firm with approximately $4.0 billion of capital under management. JLL's investment philosophy is to partner with outstanding management teams and invest with them in companies that they can continue to grow into market leaders. JLL has invested in a variety of industries, with special focus on financial services, education, building products, and healthcare. More information on JLL can be found on the website www.jllpartners.com.
PharmaNet Development Group, Inc., a recognized leader of global drug development services to the pharmaceutical, biotechnology, generic drug, and medical device industries, provides comprehensive capabilities in Phase I-IV clinical development, bioanalytical and bioequivalence services, regulatory, staffing, and therapeutic solutions. For the applied knowledge and intelligent solutions needed to accelerate drug development programs of all sizes around the world, PharmaNet works for you. For more information, please visit www.PharmaNet.com.
This press release is neither an offer to purchase nor a solicitation of an offer to purchase any securities. The solicitation and the offer to purchase the outstanding Notes will be made pursuant to an offer to purchase and related materials.
SOURCE JLL Partners Inc.
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