IMS Health sets talk on $1 billion 10-year notes, €500 million eight-year notes; pricing Wednesday

By Paul A. Harris

Portland, Ore., Sept. 13 – IMS Health Inc. set price talk in a $1.5 billion equivalent offering of senior notes (Ba3/BB+) on Wednesday, according to a syndicate source.

The deal includes €500 million of eight-year notes, which are non-callable for three years and are talked to yield in the 3½% area, and $1 billion of 10-year notes, which are non-callable for five years and are talked to yield in the 5% area.

Dollar books closed Tuesday. Euro books close early Wednesday.

The Rule 144A and Regulation S deal, in the market in conjunction with the merger of IMS Health with Quintiles Transnational Holdings Inc., is also set to price on Wednesday.

Goldman Sachs & Co. is the left bookrunner. J.P. Morgan Securities Inc., Barclays, BofA Merrill Lynch, HSBC and Wells Fargo Securities LLC are the joint bookrunners.

BBVA, Citigroup Global Markets Inc., Fifth Third Bank, Huntington, Mizuho Securities, MUFG, PNC Capital Markets, SunTrust Robinson Humphrey Inc., TD Securities and Williams are the co-managers.

Proceeds, together with the proceeds of the refinancing and available cash, will be used to refinance certain IMS Health and Quintiles debt following the close of the merger.

IMS is a Danbury, Conn.-based information and technology services company serving the health care industry. Quintiles is a Durham, N.C.-based provider of product development and integrated health care services.

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