DANBURY, Conn. & RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--
IQVIA Inc., a wholly-owned subsidiary of IQVIA Holdings Inc. (“IQVIA”)
(NYSE: IQV), today announced that it has placed approximately $1.65
billion of USD and EUR term B loans:
-
USD term B loans of $950 million due 2025, priced at LIBOR plus a
margin of 175 basis points, which represents a 25 basis point margin
improvement compared to IQVIA Inc.’s existing USD term B loans.
-
EUR term B loans of approximately $700 million due 2025, priced at
EURIBOR plus a margin of 200 basis points, consistent with IQVIA
Inc.’s existing EUR term B loans. The EUR term B loans have a floor of
50 basis points, which represents a 25 basis point improvement
compared to IQVIA Inc.’s existing EUR term B loans.
The proceeds of the additional term B loans were used to pay down IQVIA
Inc.’s revolving credit facility, refinance $650 million of existing USD
term B loans due 2024 and to pay fees and expenses in connection with
the transactions.
In addition, IQVIA Inc. entered into Amendment No. 4 (the “Amendment”)
to its Fourth Amended and Restated Credit Agreement (the “Senior Secured
Credit Facility”). Pursuant to the amendment, IQVIA Inc. and its lenders
agreed to the transactions described above, and also agreed to amend the
terms of IQVIA Inc.’s existing USD and EUR term A loans (the “Term A
Loans”) aggregating approximately $1.27 billion to (i) extend the
maturity of the Term A Loans from 2021 to 2023, (ii) reduce the interest
rate margin applicable to the Term A Loans from the current 225 basis
points to 175 basis points, and (iii) revise the amortization schedule
of the Term A Loans. Finally, IQVIA Inc. and its lenders agreed to amend
the terms of the existing revolving credit facility to (i) extend the
maturity of the revolving credit facility from 2021 to 2023 and (ii)
reduce the interest rate margin applicable to the loans under the
revolving credit facility from the current 225 basis points to 175 basis
points. The pricing of both the Term A Loans and the revolving credit
facility are subject to adjustment in the future based on the IQVIA
Inc.’s total net leverage ratio. The Amendment with respect to the Term
A Loans and the revolving credit facility is expected to become
effective on June 13, 2018, subject to customary closing conditions.
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 Amendment and potential
changes in market conditions that could cause actual results to differ
materially.
About IQVIA
IQVIA (NYSE:IQV) is a leading global provider of advanced analytics,
technology solutions, and contract research services to the life
sciences industry. Formed through the merger of IMS Health and
Quintiles, IQVIA applies human data science — leveraging the analytic
rigor and clarity of data science to the ever-expanding scope of human
science — to enable companies to reimagine and develop new approaches to
clinical development and commercialization, speed innovation, and
accelerate improvements in healthcare outcomes. Powered by the IQVIA
CORE™, IQVIA delivers unique and actionable insights at the intersection
of large-scale analytics, transformative technology and extensive domain
expertise, as well as execution capabilities. With more than 55,000
employees, IQVIA conducts operations in more than 100 countries.
As a global leader in protecting individual patient privacy, IQVIA uses
healthcare data to deliver critical, real-world disease and treatment
insights. Through a wide variety of privacy-enhancing technologies and
safeguards, IQVIA protects individual privacy while managing information
to drive healthcare forward. These insights and execution capabilities
help biotech, medical device and pharmaceutical companies, medical
researchers, government agencies, payers and other healthcare
stakeholders in the development and approval of new therapies, and to
identify unmet treatment needs and understand the safety, effectiveness
and value of pharmaceutical products in improving overall health
outcomes.
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IQVIA Investor Relations
Andrew Markwick, +1-973-257-7144
andrew.markwick@iqvia.com
or
IQVIA
Media Relations
Tor Constantino, +1-484-567-6732
tor.constantino@iqvia.com
Source: IQVIA Inc.