aibioIQVIA issues €950,000,000 of 4.625% senior notes due 2033
Tickers IQV
IQVIA's €950,000,000 of 4.625% senior notes due 2033 are governed by a June 11, 2026 indenture with U.S. Bank Trust Company, National Association as trustee. Its 2025 net income of $1.36 billion was slightly below 2024.
Key facts
- Company
- IQVIA HOLDINGS INC. (NYSE: IQV)
- News type
- Debt Financing
- Primary source
- IQVIA HOLDINGS INC. 8-K (2026-06-11)
The notes and the indenture
IQVIA Inc. issued €950,000,000 aggregate principal amount of 4.625% Senior Notes due 2033 on June 11, 2026. The notes were issued under an indenture of the same date among IQVIA Inc., each guarantor and U.S. Bank Trust Company, National Association, as trustee. IQVIA Holdings Inc. (NYSE: IQV) filed the 8-K that discloses the indenture.
The initial notes were sold in reliance on Rule 144A and are held in global form through Euroclear and Clearstream. Each guarantor guarantees the notes under the indenture, and the indenture allows additional notes of the same series to be issued later. Interest is payable on June 15 and December 15, beginning December 15, 2026. The company's 8-K calls the notes unsecured obligations of IQVIA Inc.
Redemption terms
The indenture defines an Applicable Premium for redeeming the notes before June 15, 2029. The premium is the greater of 1.0% of the principal amount and a present value excess, measured by discounting the redemption price at June 15, 2029, plus the interest payable through that date, at the Bund Rate plus 50 basis points. The Bund Rate follows the yield on a comparable German government bond and cannot fall below zero. Before that date the issuer may also redeem part of the notes with the proceeds of equity offerings. After June 15, 2029 the redemption price follows the table in Section 3.07(d), which starts above par and steps down to par. Section 3.08 says the issuer is not required to make mandatory redemption or sinking fund payments, so the principal is not retired on a schedule before maturity.
Covenants and default terms
The indenture includes an offer to repurchase upon a change of control triggering event. Where the notes carry an investment grade rating from both rating agencies, that trigger needs a change of control followed or accompanied by a downgrade from both, so a change of control alone does not set it off. The lien covenant requires the issuer and the guarantors to secure the notes equally and ratably if they pledge principal property to secure borrowed money, subject to permitted liens and exempted transactions. Sale and lease-back transactions are also limited. Events of default include missed payments of principal, premium or interest, covenant breaches left uncured after notice from the trustee or holders, defaults on other large borrowings, large unpaid judgments and bankruptcy of the issuer or a significant guarantor. The 8-K calls the make-whole premium customary.
Who is named
The indenture names the trustee, U.S. Bank Trust Company, National Association. It also lists the initial purchasers, who acted as underwriters in the Rule 144A sale: J.P. Morgan Securities plc, Barclays Bank PLC, Merrill Lynch International, Citigroup Global Markets Limited, Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., MUFG Securities EMEA plc, PNC Capital Markets LLC, TD Securities (USA) LLC, Truist Securities, Inc., Wells Fargo Securities International Limited, BNP Paribas, Fifth Third Securities, Inc., ING Financial Markets LLC, RBC Europe Limited, Regions Securities LLC and Huntington Securities, Inc. The indenture does not say which of them leads the group. The indenture and the 8-K name no placement agent, financial advisor or legal counsel.
Use of proceeds
The company's filing says it will use the proceeds to refinance existing debt and pay fees. The 8-K does not identify which debt is being refinanced or give the amounts involved.
Earnings and cash
The annual report, filed February 17, 2026, reports net income of $1.36 billion in 2025, against $1.37 billion in 2024. Cash provided by operations was $2.65 billion in 2025, down from $2.72 billion in 2024. At the end of 2024 the company held $1.70 billion in cash and cash equivalents and $141.0 million in short-term investments.
Neither the 8-K nor the indenture gives a total debt figure for the company, so the size of the new notes against existing borrowing cannot be measured from them. Cash from operations fell slightly in 2025 while the company added a new series of notes.