  We have synthesized a new quaternary borocarbide PrPd$_{2}$B$_{2}$C and
measured its magnetization, electrical resistivity and specific heat. The
compound crystallizes in the LuNi$_{2}$B$_{2}$C-type tetragonal structure
(space group {\it I4/mmm}). Above 100 K the magnetic susceptibility follows
Curie-Weiss behavior with effective moment $\mu_{eff}$ = 3.60 $\mu_{B}$, which
is very close to the value expected for Pr$^{3+}$ ions. We do not find evidence
for magnetic or superconducting transition down to 0.5 K. Specific heat
exhibits a broad Schottky type anomaly with a peak at 24 K, very likely related
to crystal electric field (CEF) excitation. The magnetic properties suggest the
presence of a singlet CEF ground state leading to a Van-Vleck paramagnetic
ground state.
