By Paul Deckelman
New York, Aug. 1 - IMS Health, Inc. was heard by high-yield market sources on Thursday to have priced $750 million of five-year senior PIK toggle notes (Caa1/B-) via an affiliated holding company, Healthcare Technology Intermediate Inc.
The notes priced at par to yield 7 3/8% on a cash interest basis, with a 75 basis points step-up to 8 1/8% on a payment-in-kind basis.
A market source said that Goldman Sachs & Co. had been the bookrunner on the quick-to-market deal, which priced with little advance notice.
Another source heard that the notes have one year of call protection.
IMS Health, a Danbury, Conn.-based provider of information and technology services to the pharmaceutical and health care industries, plans to use the new deal proceeds to fund a cash distribution to IMS' management team and to the private equity investors TPG Capital, Leonard Green Partners and CPIBB.
| Issuer: | IMS Health, Inc. via Healthcare Technology Intermediate, Inc.
|
| Amount: | $750 million
|
| Description: | Senior PIK toggle notes
|
| Maturity: | Sept. 1, 2018
|
| Bookrunner | Goldman Sachs & Co.
|
| Coupon: | 7 3/8% cash, 8 1/8% payment-in-in kind
|
| Price: | Par
|
| Yield: | 7 3/8%
|
| Call protection: | Non-callable for one year
|
| Trade date: | Aug. 1
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: B-
|
| Marketing: | Quick to market
|
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