IQVIA Announces Pricing of Upsized Offering of Senior Secured Notes
15 November 2023 - 3:11PM
Business Wire
IQVIA Holdings Inc. (NYSE:IQV) (the “Company”) today announced
that its wholly-owned subsidiary, IQVIA Inc. (the “Issuer” or
“Borrower”), priced an offering of $1,250 million in aggregate
principal amount of senior secured notes due 2029 (the “Notes”),
which was upsized due to strong demand. Substantially concurrently
with the closing of this offering, the Borrower intends to amend
its senior secured credit facilities (the “Credit Agreement
Amendment”) to provide for a new term B loan due 2031 of
approximately $1,250 million (the “New Term Loan B”).
The proceeds from the Notes offering, together with the proceeds
from the New Term Loan B, are expected to be used to repay certain
of the outstanding term loans under the Borrower’s senior secured
credit facilities due in 2024 and in 2025, and to pay fees and
expenses related to the Issuer’s Notes offering and the Borrower’s
Credit Agreement Amendment.
The Notes will bear interest at a rate of 6.250% per annum and
will pay interest semi-annually in arrears on February 1 and August
1 of each year, beginning on February 1, 2024. The Notes will
mature on February 1, 2029, unless earlier repurchased or redeemed
in accordance with their terms. The issuance of the Notes is
expected to occur on or about November 28, 2023, subject to the
satisfaction of customary closing conditions.
In connection with the pricing of the Notes, the Company entered
into a cross-currency swap agreement to effectively convert $1,250
million of the Notes into a euro-denominated borrowing at
prevailing euro interest rates to hedge exposure to USD-denominated
indebtedness created by the Notes. The effective net borrowing rate
to the Company will be approximately 4.8555%, inclusive of the
yield on the Notes and the beneficial impact of the cross-currency
swap. The Company also intends to enter into one or more
cross-currency swap agreements to hedge exposure to USD-denominated
indebtedness created by the New Term Loan B.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the Notes, nor shall there be any
offer, solicitation or sale of the Notes in any state or other
jurisdiction in which such offer, solicitation or sale would be
unlawful. The Notes to be offered have not been registered under
the Securities Act of 1933, as amended (the “Securities Act”), or
the securities laws of any other jurisdiction and may not be
offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of the
Securities Act. The Notes are being offered only to persons
reasonably believed to be qualified institutional buyers in
reliance on Rule 144A under the Securities Act and to certain
non-U.S. persons outside the United States in reliance on
Regulation S under the Securities Act. Any offer of the Notes will
be made only by means of a private offering memorandum.
About IQVIA
IQVIA (NYSE:IQV) is a leading global provider of advanced
analytics, technology solutions, and clinical research services to
the life sciences industry. IQVIA creates intelligent connections
across all aspects of healthcare through its analytics,
transformative technology, big data resources and extensive domain
expertise. IQVIA Connected Intelligence™ delivers powerful insights
with speed and agility — enabling customers to accelerate the
clinical development and commercialization of innovative medical
treatments that improve healthcare outcomes for patients. With
approximately 87,000 employees, IQVIA conducts operations in more
than 100 countries.
IQVIA is a global leader in protecting individual patient
privacy. The company uses a wide variety of privacy-enhancing
technologies and safeguards to protect individual privacy while
generating and analyzing information on a scale that helps
healthcare stakeholders identify disease patterns and correlate
with the precise treatment path and therapy needed for better
outcomes. IQVIA’s insights and execution capabilities help biotech,
medical device and pharmaceutical companies, medical researchers,
government agencies, payers and other healthcare stakeholders tap
into a deeper understanding of diseases, human behaviors and
scientific advances, in an effort to advance their path toward
cures.
Forward Looking Statements
Certain statements in this press release are forward-looking
statements. These statements involve a number of risks,
uncertainties and other factors, including the failure to
consummate the Notes offering, failure to execute the Credit
Agreement Amendment and potential changes in market conditions that
could cause actual results to differ materially. There can be no
guarantee that the Credit Agreement Amendment will be entered into
or that the New Term Loan B will be obtained on the anticipated
terms or at all. The Credit Agreement Amendment and the New Term
Loan B are not conditioned on the consummation of the Notes
offering, and the Notes offering is not conditioned on the
consummation of the Credit Agreement Amendment or the incurrence of
the New Term Loan B. Further, there can be no assurances that the
Company will enter into any cross-currency swap agreements to hedge
exposure to USD-denominated indebtedness created by the New Term
Loan B, and the closing of the Notes offering and the consummation
of the New Term Loan B are not conditioned on the entry into any
cross-currency swap agreements.
IQVIAFIN
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version on businesswire.com: https://www.businesswire.com/news/home/20231115397190/en/
Nick Childs, IQVIA Investor Relations (nick.childs@iqvia.com)
+1.973.316.3828
IQVIA (NYSE:IQV)
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