inVentiv talks $275 million eight-year notes with 10 1/8% area yield

By Paul A. Harris

St. Louis, July 27 - inVentiv Acquisition, Inc. talked its $275 million offering of eight-year senior unsecured notes (Caa1/B-) to price with a yield in the 10 1/8% area, an informed source said on Tuesday.

The books close at 10 a.m. ET on Wednesday, and the notes are expected to price thereafter.

Bank of America Merrill Lynch, Citigroup Global Markets Inc., Credit Suisse and Deutsche Bank Securities Inc. are the joint bookrunners for the notes, which come to market via Rule 144A and Regulation S, with registration rights.

The notes come with four years of call protection and have a 101% poison put.

Proceeds, together with proceeds from senior secured credit facilities and sponsor equity, will be used to fund the leveraged buyout of inVentiv by Thomas H. Lee Partners LP.

The issuing entity will be merged with and into inVentiv Health, Inc., a Somerset, N.J.-based provider of end-to-end clinical development, launch and commercialization services to the pharmaceutical and health care industries.

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