By Paul A. Harris
Portland, Ore., Nov. 18 – Syneos Health, Inc. priced an upsized $600 million issue of 8.2-year senior notes (B2/BB-) at par to yield 3 5/8% in a Wednesday drive-by, according to market sources.
The deal was upsized from $500 million.
The yield printed 12.5 basis points inside of yield talk in the 3 7/8% area. Initial guidance was in the low 4% area, a trader said.
The deal, which was heard to play to $4.2 billion of orders across 152 accounts, was 101 3/8 bid, 101 7/8 offered shortly after the Wednesday close, a trader said.
J.P. Morgan Securities LLC was on the left of a syndicate of bookrunners that also included Goldman Sachs & Co. LLC, BofA Securities Inc., Truist Securities Inc. and Wells Fargo Securities LLC.
The Morrisville, N.C.-based biopharmaceutical company plans to use the proceeds for general corporate purposes, including acquisitions and debt repayment.
| Issuer: | Syneos Health, Inc.
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| Amount: | $600 million, increased from $500 million
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| Tenor: | 8.2 years
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| Securities: | Senior notes
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| Bookrunners: | J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, BofA Securities Inc., Truist Securities Inc. and Wells Fargo Securities LLC
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| Coupon: | 3 5/8%
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| Price: | Par
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| Yield: | 3 5/8%
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| Call protection: | 3.2 years
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| Trade date: | Nov. 18
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| Ratings: | Moody's: B2
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| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 3 7/8% area
|
| Marketing: | Drive-by
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