New Issue: inVentiv Health prices $675 million 7½% eight-year notes at par

By Paul A. Harris

Portland, Ore., Sept. 29 – inVentiv Health, Inc. priced $675 million of eight-year senior notes (Caa2/CCC+) at par to yield 7½% on Thursday, according to a syndicate source.

The deal was upsized from $670 million after having been previously downsized from $720 million, with a shift of proceeds to the concurrent term loan.

The yield printed at the tight end of the 7½% to 7¾% yield talk and well inside of initial guidance of 8% to 8¼%, according to market sources.

Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., BofA Merrill Lynch, Morgan Stanley & Co. LLC, Barclays and Jefferies LLC are the joint bookrunners.

The Burlington, Mass.-based provider of clinical, consulting and commercial services to the health care industry plans to use the proceeds to refinance debt and to fund Advent International's partial acquisition of inVentiv.

Issuer:	Double Eagle Acquisition Sub, Inc. (inVentiv Health, Inc.)
Amount:	$675 million
Maturity:	Oct. 1, 2024
Securities:	Senior notes
Bookrunners:	Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., BofA Merrill Lynch, Morgan Stanley & Co. LLC, Barclays, Jefferies LLC
Coupon:	7½%
Price:	Par
Yield:	7½%
Spread:	600 bps
First call:	Oct. 1, 2019 at 103.75
Equity clawback:	40% at 107.5 until Oct. 1, 2019
Trade date:	Sept. 29
Settlement date:	Oct. 14
Ratings:	Moody's: Caa2
	S&P: CCC+
Distribution:	Rule 144A and Regulation S for life
Price talk:	7¼% to 7¾%
Marketing:	Roadshow

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