Commentary & Deal Flow

Priced: 7NC3 4.625% at 100

Price talk: 7NC3 4.75% area (+/- 12.5bp)

IPTs: 7NC3 5%a

• Size: €950m
• Maturity: 15-Jun-33
• Tenor: 7 year
• Coupon: 4.625%
• Price: 100
• Yield: 4.625%
• Spread to benchmark: 176bp
• Reference benchmark: DBR 2.60% 15-Aug-2033
• IPT: 5% Area
• Price talk: 4.75% area (+/- 12.5bp)
• Issuer: IQVIA Inc
• Ticker: IQV
• Format: 144A/Reg S (no reg rights)
• Security: Senior Unsecured Notes
• Use of Proceeds: Repay in full the Issuer’s 364-Day Term Loan Facility, repay a portion of its revolver, and pay transaction related fees and expenses
• Denominations: €100k x €1k
• Business: A global provider of advanced analytics, technology solutions, and clinical research services to the life sciences industry. HQ; Durham, NC.
• Call Protection: NC3 (15-Jun-29) MWC B+50bp (50%,25%,par)
• Commencing 15-Jun-29: 101.3125%
• Commencing 15-Jun-30: 101.15625%
• Commencing 15-Jun-31, and thereafter: 100.000%
• Change of Control: 101
• Corporate Ratings: Ba1/BB+ (stable/stable) (Moody's/S&P)
• Instrument Ratings: Ba2/BB (Moody's/S&P)
• Governing Law: New York
• Listing: The International Stock Exchange
• Interest payment dates: June 15 and Dec 15, starting 15-Dec-26
• Denominations: 100kx1k
• Lead Left Bookrunner: J.P. Morgan (B&D)
• Joint Bookrunners: Barc, BofA, Citi, GS, HSBC, MUFG, PNC, TD, Truist, WFS
• Co-Managers: BNP, FITB, ING, RBC, Regions, Huntington
• Settlement date: 11-Jun-26
• Reg S ISIN: XS3315365398
• 144A ISIN: XS3315365471
• Marketing: Global investor call at 12pm UKT 03-Jun-26.
• Timing: Books closed at 1pm UKT 04-Jun-26.
• Target Market: Eligible counterparties and professional clients only