Published on 2/17/2021 in the Prospect News High Yield Daily.
New Issue: Iqvia prices €1.45 billion senior notes in five-, eight-year tranches
By Paul A. Harris
Portland, Ore., Feb. 17 – Iqvia Holdings Inc. priced €1.45 billion of senior notes (Ba3/BB) in two tranches, both of which came through the price talk on Wednesday, market sources say.
The deal included €550 million of five-year notes that priced at par to yield 1¾%, 25 basis points inside of the tight end of the 2% to 2¼% yield talk
The company also sold €900 million of eight-year notes that priced at par to yield 2¼%, 12.5 bps inside of yield talk in the 2½% area.
Joint bookrunner J.P. Morgan Securities LLC will bill and deliver. Other bookrunners were Barclays, BofA Securities Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., Wells Fargo Securities LLC, BBVA Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Fifth Third Securities Inc., Huntington Investment Co., Mizuho Securities USA Inc., MUFG, PNC Capital Markets LLC, RBC Capital Markets LLC, Siebert Williams Shank & Co. LLC, TD Securities (USA) LLC and Truist Securities Inc.
The Danbury, Conn.-based provider of technology and research services to the life sciences industry plans to use the proceeds to redeem its 3¼% senior notes due 2025.
| Issuer: | Iqvia Holdings Inc.
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| Amount: | €1.45 billion
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| Securities: | Senior notes
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| Bookrunners: | J.P. Morgan Securities LLC (bill and deliver), Barclays, BofA Securities Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., Wells Fargo Securities LLC, BBVA Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Fifth Third Securities Inc., Huntington Investment Co., Mizuho Securities USA Inc., MUFG, PNC Capital Markets LLC, RBC Capital Markets LLC, Siebert Williams Shank & Co. LLC, TD Securities (USA) LLC and Truist Securities Inc.
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| Trade date: | Feb. 17
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| Settlement date: | March 3
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| Ratings: | Moody's: Ba3
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| S&P: BB
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| Marketing: | Roadshow
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| Five-year notes
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| Amount: | €550 million
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| Maturity: | March 15, 2026
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| Coupon: | 1¾%
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| Price: | Par
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| Yield: | 1¾%
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| Call protection: | Two years
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| Price talk: | 2% to 2¼%
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| Eight-year notes
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| Amount: | €900 million
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| Maturity: | March 15, 2029
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| Coupon: | 2¼%
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| Price: | Par
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| Yield: | 2¼%
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| Call protection: | Three years
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| Price talk: | 2½% area
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