Iqvia amends term A loans, revolver; ups U.S. term B to $950 million

By Wendy Van Sickle

Columbus, Ohio, June 11 – Iqvia Inc. amended its existing dollar and euro term A loans totaling about $1.27 billion and its revolving credit facility to extend the maturity two years to 2023 and to reduce the interest rate margin to 175 basis points from 225 bps, according to a press release.

The company also revised the amortization schedule of the term A loans.

Pricing of the term A loans and revolver are subject to adjustment based on Iqvia’s total net leverage ratio.

The company also upsized its U.S. seven-year term loan B to $950 million from $500 million previously and from talk of $850 million and its euro seven-year term loan B to about $700 million.

Pricing on the U.S. term loan B finalized at Libor plus 175 basis points, the low end of the Libor plus 175 bps to 200 bps talk, and the original issue discount was set at 99.75, the tight end of the 99.5 to 99.75 talk, as previously reported.

Pricing on the euro loan B remained at Euribor plus 200 bps with a 0.5% floor and a discount of 99.75.

The U.S. term loan B has a 0% Libor floor and both loans still have 101 soft call protection for six months.

J.P. Morgan Securities LLC is the lead on the deal.

Proceeds of the term B loans were used to repay revolving credit facility borrowings, to refinance $650 million of existing dollar term B loans due 2024 and for general corporate purposes.

Iqvia, previously known as Quintiles IMS Holdings Inc., is an information and technology-enabled health care service provider.

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