Syneos Health ups fund raising to $600M, eyes more acquisitions

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MORRISVILLE – Syneos Health announced a $500 million debt offering early Wednesday and by the end of the day raised it another $100 million.

The fast-growing Triangle based provider of life science services says the new cash will be used for possible acquisitions as well as general corporate purposes and repayment of other debt.

Syneos recently acquired life science services firm Syneract for $400 million.

Syneos (NYSE: SYNH) made two separate announcements about the fund-raising news. The company’s stock closed down slightly Wednesday at $63.29 and its market cap stands at more than $6.5 billion.

A private offering, the funder is expected to close next week, the company added.

The new notes will pay an interest rate of 3.635%.

“Syneos Health intends to use the net proceeds of this offering for general corporate purposes, including the funding of acquisitions, and for repayment of indebtedness,” the company said.

Original Article Source: WRAL TechWire