Innoviva readies launch of $250 million term loan B for Wednesday

By Sara Rosenberg

New York, Aug. 1 – Innoviva Inc. is scheduled to hold a lenders’ presentation at 11 a.m. ET on Wednesday to launch a $250 million five-year covenant-light senior secured term loan B, according to a market source.

Morgan Stanley Senior Funding Inc. and Bank of America Merrill Lynch are the joint lead arrangers and bookrunners on the deal.

Price talk on the term loan is Libor plus 475 basis points to 500 bps with a 1% Libor floor and an original issue discount of 98 to 99, the source said.

The term loan has 101 soft call protection for six months and amortization of 10% per annum.

Proceeds will be used to refinance the company’s 2029 non-recourse notes.

Commitments are due on Aug. 15, the source added.

Innoviva is a Brisbane, Calif.-based biopharmaceutical company.

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