inVentiv offers PIK notes in exchange for up to $475 million 10% notes

By Angela McDaniels

Tacoma, Wash., July 30 – inVentiv Health, Inc. is offering to exchange up to $475 million of its $825 million 10% senior notes due 2018 for new 10%/12% junior lien PIK notes due 2018, according to an S-4 filing with the Securities and Exchange Commission.

The offer began July 15 and will end at 5 p.m. ET on Aug. 12.

The consummation of the exchange offer is subject to a number of conditions, including, among others, that affiliates of Thomas H. Lee Partners, LP and some co-investors invest $50 million in the company and that the company’s term loan facility and asset-based revolving credit facility be amended to allow the exchange offer, to allow the $50 million investment and to extend maturities of some outstanding term loans to 2018.

On July 28, the credit agreement amendments became effective.

The company said the primary purpose of the transactions is to extend debt maturities and to provide it flexibility to reduce cash interest expense.

inVentiv is a Burlington, Mass.-based provider of clinical, consulting and commercial services to the health-care industry.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.