IQVIA Announces Upsizing of its Allocation of New Term B Loans
18 November 2023 - 1:23AM
Business Wire
IQVIA Holdings Inc. (NYSE:IQV) (the “Company”) today announced
that its wholly-owned subsidiary, IQVIA Inc. (the “Borrower”),
allocated a new term B loan due 2031 of approximately $1,500
million (the “New Term Loan B”), which was upsized due to lender
demand.
The proceeds from the New Term Loan B, together with the
proceeds from the Borrower’s offering of $1,250 million in
aggregate principal amount of senior secured notes due 2029 (the
“Notes”), are expected to be used to repay the outstanding
Euro-denominated term B loan (“TLB”) due in March 2024, the
U.S.-denominated TLB due in January 2025 and the U.S.-denominated
TLB due in June 2025 under the Borrower’s senior secured credit
facilities, and to pay fees and expenses related to the Borrower’s
Notes offering and the Borrower’s credit agreement amendment in
respect of the New Term Loan B.
In connection with the allocation of the New Term Loan B, the
Company entered into a cross-currency swap agreement which will
effectively convert the New Term Loan B, upon the closing of such
facility, into a euro-denominated borrowing at prevailing euro
interest rates to hedge exposure to USD-denominated indebtedness
created by the New Term Loan B. The effective net borrowing rate to
the Company will be 4.9015%, inclusive of the yield on the New Term
Loan B and the beneficial impact of the cross-currency swap.
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 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.
IQVIAFIN
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version on businesswire.com: https://www.businesswire.com/news/home/20231117662635/en/
Nick Childs, IQVIA Investor Relations (nick.childs@iqvia.com)
+1.973.316.3828
IQVIA (NYSE:IQV)
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