June 21 (Bloomberg) -- InVentiv Health Inc., the provider of sales, marketing and consulting services to health-care companies, proposed the rate it will pay on a $245 million add- on term loan to support its acquisition of PharmaNet Development Group Inc.
The company is offering to pay 4.25-4.5 percentage points more than the London interbank offered rate, and the lending benchmark will have a 1.5 percent floor, according to data compiled by Bloomberg.
InVentiv, taken private last August by Thomas H. Lee Partners LP, may sell the debt at 99 cents on the dollar, the data show.
Citigroup Inc. is arranging the loan, according to Bloomberg data. Lenders are offered one year of 101 soft-call protection, meaning InVentiv would have to pay one cent more than face value to reprice the debt in its first year.
Moody’s Investors Service today assigned a B1 rating to the loan.
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