Blackstone and CPPIB $1.96 billion Advarra acquisition financing
We advised the lead arrangers and initial term lenders on the financing
Davis Polk advised the lead arrangers, bookrunners and initial term lenders in connection with $1.96 billion of debt financing, consisting of a $1.66 billion closing date term loan facility, a $150 million delayed-draw term loan facility and a $150 million super-priority revolving facility to support the acquisition of Advarra Holdings, Inc. by an affiliate of Blackstone and CPPIB.
Headquartered in Columbia, Maryland, Advarra is an integrated provider of institutional review board, institutional biosafety committee, quality and compliance consulting services and research technology for over 3,500 sponsors, CROs, institutions, academic medical centers and research consortia.
Blackstone is a public investment management company specializing principally in making investments across the globe in the debt and equity of public and private companies, real estate and other asset classes. The firm has approximately $915 billion in capital under management.
Headquartered in Toronto, CPPIB is a professional investment management organization that manages the Canada Pension Plan Fund in the best interest of the more than 21 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income.
The Davis Polk finance team included partner David Hahn and associates Zachary R. Frimet, Adela Troconis and Jonathan B. Markowitz. Partner Kara L. Mungovan provided tax advice. Partner Adam Kaminsky provided executive compensation advice. Counsel Will Schisa provided sanctions advice. Members of the Davis Polk team are based in the New York and Washington DC offices.