RESEARCH TRIANGLE PARK – Iqvia disclosed plans earlier this week to raise $1 billion. It then went to market. End result: $1.25B.
The life science giant disclosed after the markets closed Thursday that it had convinced investors to buy debt beyond expectations:
- $750 million in secured notes due in 2028
- $500 million in senior notes due in 2030
So how will the new cash be used?
“The proceeds from the Notes offering will be used to repay existing borrowings under the Issuer’s revolving credit facility and to pay fees and expenses related to the Notes offering,” Iqvia said in a statement.
But the money didn’t come cheaply.
“The Senior Secured Notes will bear interest at a rate of 5.700% per annum and will pay interest semi-annually in arrears on May 15 and November 15 of each year, beginning on November 15, 2023,” Iqvia said.
“The Senior Secured Notes will mature on May 15, 2028, unless earlier repurchased or redeemed in accordance with their terms. The Senior Notes will bear interest at a rate of 6.500% per annum and will pay interest semi-annually in arrears on May 15 and November 15 of each year, beginning on November 15, 2023.”
