PRA Holdings, Inc. Announces Submission of Draft Registration Statement for Initial Public Offering

RALEIGH, N.C., May 16, 2013 -- PRA Holdings, Inc. ("PRA") announced today that it has submitted a confidential draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission (the "SEC") for a possible initial public offering of shares of its common stock (the "Proposed IPO"). The number of shares to be offered and the price range for the offering have not yet been determined.

PRA intends to use the proceeds from the Proposed IPO to reduce outstanding borrowings under its credit facilities, provide liquidity for existing shareholders, pay certain fees and expenses, and for working capital and general corporate purposes. The initial public offering is expected to commence after the SEC completes the review process initiated by PRA's confidential submission of its draft registration statement, subject to market conditions and other conditions.

This announcement is being made pursuant to and in accordance with Rule 135 under the U.S. Securities Act of 1933, as amended. As required by Rule 135, this press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

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