Iqvia to sell upsized $1.25 billion of secured, unsecured notes; price talk emerges

By Abigail W. Adams

Portland, Me., May 18 – Iqvia Holdings Inc. plans to price an upsized $1.25 billion of senior notes in secured and unsecured tranches on Thursday, according to market sources.

The deal included a $500 million tranche of seven-year senior notes (Ba2/BB) with price talk 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 an upsized $750 million, from $500 million, tranche of investment-grade rated five-year senior secured notes (Baa3/BBB-), which launched at Treasuries plus 200 basis points.

The notes were guided at Treasuries plus 225 bps 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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