inVentiv gets $2.65 billion debt commitment with Advent investment

By Sara Rosenberg

New York, Aug. 4 – inVentiv Health Inc. has received a commitment for a $1.93 billion credit facility and a $720 million senior unsecured bridge loan in connection with an agreement for Advent International to make a material equity investment in the company, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc. and Barclays are the lead banks on the debt.

The credit facility consists of a $250 million asset-based loan and a $1.68 billion senior secured term loan.

The investment agreement values inVentiv at $3.8 billion on a cash-free, debt-free basis subject to customary adjustments.

Advent is joining Thomas H. Lee Partners as an equal equity owner of the company.

In connection with the transaction, inVentiv will repay all of its outstanding credit facility debt, which, as of June 30, was about $575.3 million.

The company will also use its reasonable best efforts to commence offers to purchase and/or consent solicitations with respect to any or all of its outstanding $625 million 9% senior secured notes due 2018, $579.8 million 10%/12% junior lien PIK notes due 2018 and $376.3 million 10% senior notes due 2018.

Closing is expected in the fourth quarter, subject to regulatory approval and other customary conditions.

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

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