KUALA LUMPUR, Sept 4 -- PRA Health Sciences Inc (the Company) today announced its Board of Directors (the Board) has authorised a US$500 million share repurchase programme, effective immediately. (US$1 = RM4.21)
Under the programme, the Company is authorised to repurchase shares of its common stock through open market purchases, privately-negotiated transactions, secondary offerings, block trades or otherwise in accordance with all applicable securities laws and regulations, including through trading plans complying with the rules and regulations of the Securities and Exchange Commission.
The repurchase programme expires on Dec 31, 2021, according to a statement.
The closing of such share repurchase is conditioned on, and expected to occur simultaneously with, the closing of the secondary offering, subject to the satisfaction of other customary conditions.
The Company intends to fund such share repurchase with the proceeds of a US$300 million incremental term loan under its existing credit facilities.
Following the completion of such share repurchase, the Company will have approximately US$200 million of remaining availability under the share repurchase programme.
-- BERNAMA
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