By Abigail W. Adams
Portland, Me., May 18 – Iqvia Holdings Inc. priced an upsized $1.25 billion of senior notes in secured and unsecured tranches in a Thursday drive-by, according to market sources.
The deal included a $500 million tranche of seven-year senior notes (Ba2/BB), which priced at par to yield 6½%.
Price talk was for a yield of 6½% to 6¾%. Initial guidance was for a yield in the mid to high 6% area.
The seven-year notes carry three years of call protection.
The tranche priced alongside an upsized $750 million, from $500 million, tranche of investment-grade rated five-year senior secured notes (Baa3/BBB-), which priced at 99.993 to yield 5.702%.
The tranche priced at Treasuries plus 200 basis points. They were guided at Treasuries plus 225 bps to 237.5 bps.
The secured notes are callable at par on or after April 15, 2028.
Goldman Sachs & Co. LLC led 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.
| Issuer: | Iqvia Holdings Inc.
|
| Lead left: | Goldman Sachs & Co. LLC
|
| Joint bookrunners: | 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
|
| Trade date: | May 18
|
| Settlement date: | May 23
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Drive-by
|
|
|
| Secured notes
|
| Amount: | $750 million
|
| Issue: | Senior secured notes
|
| Maturity: | May 15, 2028
|
| Coupon: | 5.7%
|
| Price: | 99.993
|
| Yield: | 5.702%
|
| Spread: | 200 bps
|
| Call: | April 15, 2028 at par
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Guidance: | Treasuries plus 225 bps to 237.5 bps
|
|
|
| Unsecured notes
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| Amount: | $500 million
|
| Issue: | Senior notes
|
| Maturity: | May 15, 2030
|
| Coupon: | 6½%
|
| Price: | Par
|
| Yield: | 6½%
|
| Spread: | 288 bps
|
| First call: | May 15, 2026 at 103.25
|
| Equity clawback: | 40% at 106.5 prior to May 15, 2026
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB
|
| Price talk: | 6½% to 6¾%
|
|
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