inVentive Health downsizes to $670 million, talks eight-year notes to yield 7½%-7¾%

By Paul A. Harris

Portland, Ore., Sept. 28 – inVentiv Group Holdings, Inc. downsized its offering of eight-year senior notes (Caa2) to $670 million from $720 million, shifting the $50 million of proceeds to its concurrent term loan, according to a syndicate source.

The shift increases the loan size to $1.73 billion from $1.68 billion.

The notes offering is talked to yield 7½% to 7¾%, well inside of initial guidance of 8% to 8¼%, sources say.

The Rule 144A and Regulation S for life offering is playing to $2 billion of orders, according to a portfolio manager.

Books close at 10 a.m. ET on Thursday, and the bond deal is set to price thereafter.

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

The notes become callable after three years at par plus 50% of the coupon and feature a three-year 40% equity clawback and a 101% poison put.

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 inventive.

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