Quintiles talks upsized €1.43 billion eight-year notes to yield 3¼%; pricing Thursday

By Paul A. Harris

Portland, Ore., Feb. 23 – Quintiles IMS Inc., a wholly owned subsidiary of Quintiles IMS Holdings, Inc., upsized its offering of eight-year senior notes (Ba1/BB+) to €1,425,000,000 from €850 million and talked the notes with a 3¼% yield, according to a market source.

The Rule 144A and Regulation S deal is expected to price later on Thursday.

With the increase in the size of the bond offering, the concurrent term loan is decreased by €575 million, the source said.

Joint bookrunner JPMorgan will bill and deliver. Barclays, BofA Merrill Lynch, Goldman Sachs, HSBC and Wells Fargo are also joint bookrunners.

Citigroup, PNC, Fifth Third, MUFG, Mizuho, SunTrust Robinson Humphrey Inc., TD, BNP Paribas, BBVA, Huntington and Williams Capital are the co-managers.

The notes come with three years of call protection.

The Danbury, Conn.-based health care data services provider plans to use the proceeds, in addition to a refinancing of $3,065,000,000 equivalent of dollar- and euro-denominated term loans and a $600 million increase to the term loan B and an extension to 2024, to refinance debt and for general corporate purposes, which may include share repurchases and future acquisitions.

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