Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

IMS Health Said to Lower Rate on $1.77 Billion Loan for Buyout

Jan. 28 (Bloomberg) -- IMS Health Inc., the provider of prescription data that was acquired by TPG Capital and Canada Pension Plan Investment Board, lowered the rate it will pay $2.78 billion of term loans, according to a person with knowledge of the transaction.

The interest rate on a $1.77 billion term loan B, due in 2017, will be reduced to 2.75 percentage points more than the London interbank offered rate and be sold at par, said the person, who asked not to be identified because the information is private. Libor, a rate banks say they can borrow in dollars from each other, will have a 1 percent floor.

The company also reduced the rate it will pay on a 755 million euro-denominated ($1.02 billion) term loan E maturing in 2017 to 3 percentage points more than the euro interbank offered rate with a 1.25 percent floor, according to the person. The term loan E portion will also be sold at par.

Lenders are being offered six months of soft-call protection of 101 cents from the date of the re-pricing, said the person, meaning the company would have to pay 1 cent more than face value to refinance the debt during the first six months.

Bank of America Corp. and Goldman Sachs Group Inc. are arranging the transaction and commitments are due by noon on Jan. 31 in New York, the person said.

To contact the reporter on this story: Michael Amato in New York at mamato3@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.