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IMS Health launches upsized $1.75 billion two-part notes offering; pricing shortly
By Paul A. Harris
Portland, Ore., Sept. 14 – IMS Health Inc. launched an upsized $1.75 billion equivalent two-part offering of senior notes (Ba3/BB+) on Wednesday, according to a syndicate source.
Both the dollar- and euro-denominated tranches are upsized.
The deal now includes €625 million of eight-year notes, non-callable for three years, launched at 3½%. The tranche size increased from €500 million. Price talk was in the 3½% area.
In addition an upsized $1.05 billion of 10-year notes is launched at 5%. The tranche size increased from $1 billion. The 10-year notes, which come with five years of call protection, were talked in the 5% area.
The Rule 144A and Regulation S deal, the overall size of which increased from $1.5 billion equivalent, is in the market in conjunction with the merger of IMS Health with Quintiles Transnational Holdings Inc. and is set to price shortly.
Goldman Sachs & Co. is the left bookrunner. J.P. Morgan Securities LLC, 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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