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Iqvia offers $1 billion senior notes in secured, unsecured tranches; price talk emerges
By Abigail W. Adams
Portland, Me., May 18 – Iqvia Holdings Inc. plans to price $1 billion of senior notes in secured and unsecured tranches on Thursday, according to market sources.
A $500 million tranche of seven-year senior notes (Ba2/BB) is talked for a yield of 6½% to 6¾%. Initial guidance was for a yield in the mid to high 6% area.
The tranche is pricing alongside a $500 million tranche of investment-grade rated five-year senior secured notes (Baa3/BBB-), which were guided at Treasuries plus 225 basis points to 237.5 bps.
The seven-year notes carry three years of call protection.
Goldman Sachs & Co. LLC is leading the Rule 144A and Regulation S for life offering.
Barclays, BofA Securities Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, MUFG Securities Americas Inc., PNC Capital Markets LLC and Wells Fargo Securities LLC are joint bookrunners.
Proceeds will be used to repay borrowings under the company’s revolving credit facility.
Iqvia is an Innovation Park, N.C.-based provider of technology and research services to the life sciences industry.
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