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inVentiv Health to launch $1.68 billion term loan B on Thursday
By Sara Rosenberg
New York, Sept. 14 – inVentiv Health Inc. scheduled a bank meeting for 10 a.m. ET in New York on Thursday to launch its proposed $1.68 billion senior secured term loan B, according to a market source.
Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch, Morgan Stanley Senior Funding Inc., Barclays and Jefferies Finance LLC are the lead banks on the debt.
Along with the term loan B, the company’s $1.93 billion credit facility includes a $250 million asset-based revolver.
Proceeds will be used to help fund a material equity investment in the company by Advent International.
The investment agreement values inVentiv at $3.8 billion on a cash-free, debt-free basis subject to customary adjustments.
Advent is joining Thomas H. Lee Partners as an equal equity owner of the company.
In connection with the transaction, inVentiv will repay all of its outstanding credit facility debt, which, as of June 30, was about $575.3 million.
The company will also use its reasonable best efforts to commence offers to purchase and/or consent solicitations with respect to any or all of its outstanding $625 million 9% senior secured notes due 2018, $579.8 million 10%/12% junior lien PIK notes due 2018 and $376.3 million 10% senior notes due 2018.
As part of its financing package for the transaction, the company has also received a commitment for a $720 million senior unsecured bridge loan.
Closing is expected in the fourth quarter, subject to regulatory approval and other customary conditions.
inVentiv is a Burlington, Mass.-based provider of clinical, consulting and commercial services to the health care industry.
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