IQVIA HOLDINGS INC.IQV
IQVIA HOLDINGS INC. Debt Disclosure
Credit Arrangements
The following is a summary of the Company’s revolving credit facilities as of December 31, 2025:
| Facility | Interest Rates | |||||||
$2,000 million (revolving credit facility) | U.S. Dollar Term SOFR plus a margin of 1.25% as of December 31, 2025 | |||||||
$110 million (receivables financing facility) | U.S. Dollar Term SOFR plus a margin of 1.00% plus a 10 basis credit spread adjustment as of December 31, 2025 | |||||||
The following table summarizes the Company’s debt at the dates indicated:
| December 31, | ||||||||||||||
| (dollars in millions) | 2025 | 2024 | ||||||||||||
| Revolving Credit Facility due 2030: | ||||||||||||||
U.S. Dollar denominated borrowings—U.S. Dollar Term SOFR at average floating rates of 4.97% | $ | 800 | $ | 825 | ||||||||||
| Senior Secured Credit Facilities: | ||||||||||||||
Term A Loan due 2026—U.S. Dollar Term SOFR at floating rates of —% | — | 1,197 | ||||||||||||
Term A Loan due 2026—Euribor at floating rates of —% | — | 272 | ||||||||||||
Term A Loan due 2030—Euribor at floating rates of 3.33% | 290 | — | ||||||||||||
Term A Loan due 2027—U.S. Dollar Term SOFR at floating rates of —% | — | 1,094 | ||||||||||||
Term A Loan due 2030—U.S. Dollar Term SOFR at floating rates of 4.99% | 2,162 | — | ||||||||||||
Term B Loan due 2025—Euribor at floating rates of —% | — | 542 | ||||||||||||
Term B Loan due 2031—U.S Dollar Term SOFR at floating rates of —% | — | 1,485 | ||||||||||||
Term B Loan due 2031—U.S Dollar Term SOFR at floating rates of 5.42% | 1,965 | — | ||||||||||||
5.700% Senior Secured Notes due 2028—U.S. Dollar denominated | 750 | 750 | ||||||||||||
6.250% Senior Secured Notes due 2029—U.S. Dollar denominated | 1,250 | 1,250 | ||||||||||||
5.0% Senior Notes due 2027—U.S. Dollar denominated | 1,100 | 1,100 | ||||||||||||
5.0% Senior Notes due 2026—U.S. Dollar denominated | 1,050 | 1,050 | ||||||||||||
6.500% Senior Notes due 2030—U.S. Dollar denominated | 500 | 500 | ||||||||||||
6.250% Senior Notes due 2032—U.S. Dollar denominated | 2,000 | — | ||||||||||||
2.875% Senior Notes due 2025—Euro denominated | — | 436 | ||||||||||||
2.25% Senior Notes due 2028—Euro denominated | 845 | 748 | ||||||||||||
2.875% Senior Notes due 2028—Euro denominated | 835 | 739 | ||||||||||||
1.750% Senior Notes due 2026—Euro denominated | 646 | 572 | ||||||||||||
2.250% Senior Notes due 2029—Euro denominated | 1,057 | 935 | ||||||||||||
Receivables financing facility due 2027—U.S. Dollar Term SOFR at floating rates of 5.00% | ||||||||||||||
| Revolving Loan Commitment | 110 | 110 | ||||||||||||
| Term Loan | 440 | 440 | ||||||||||||
| Principal amount of debt | 15,800 | 14,045 | ||||||||||||
| Less: unamortized discount and debt issuance costs | (76) | (62) | ||||||||||||
| Less: current portion | (1,840) | (1,145) | ||||||||||||
| Long-term debt | $ | 13,884 | $ | 12,838 | ||||||||||
Contractual maturities of long-term debt as of December 31, 2025 are as follows:
| (in millions) | ||||||||
| 2026 | $ | 1,840 | ||||||
| 2027 | 1,794 | |||||||
| 2028 | 2,574 | |||||||
| 2029 | 2,451 | |||||||
| 2030 | 3,275 | |||||||
| Thereafter | 3,866 | |||||||
| $ | 15,800 | |||||||
Senior Secured Credit Facilities
On December 9, 2025, the Company entered into an amendment to its Fifth Amended and Restated Credit Agreement (the “Credit Agreement”) among IQVIA Inc., a wholly owned subsidiary of the Company, the Company, IQVIA RDS Inc., a wholly owned subsidiary of the Company, the other guarantors party thereto, Bank of America, N.A., as administrative agent and as collateral agent, and the Lenders (as defined therein) party thereto, to (i) refinance (x) its Term A-1 Dollar Loans (as defined in the Credit Agreement) and its Term A-2 Dollar Loans (as defined in the Credit Agreement) into a new class of term A dollar loans, (y) its Term A Euro Loans (as defined in the Credit Agreement) into a new class of term A euro loans and (z) all current U.S. Revolving Credit Commitments, Japanese Revolving Credit Commitments and Swiss/Multicurrency Revolving Credit Commitments (each as defined in the Credit Agreement) into a new class of revolving credit commitments available in U.S. dollars, (ii) to reduce the interest rate applicable to term A loans denominated in U.S. dollars and revolving credit loans denominated in U.S. dollars by eliminating the term SOFR credit spread adjustment, and (iii) to release the Swiss Subsidiary Borrower and the Japanese Subsidiary Borrower (each as defined in the Credit Agreement) from all obligations as borrowers under and party to the Credit Agreement. In connection with this amendment, the Company recognized a $2 million loss on extinguishment of debt, which includes fees and related expenses.
On March 10, 2025, the Company entered into an amendment to its Credit Agreement among IQVIA Inc., a wholly owned subsidiary of the Company, the Company, IQVIA RDS Inc., a wholly owned subsidiary of the Company, the other guarantors party thereto, Bank of America, N.A., as administrative agent and as collateral agent, and the Lenders (as defined therein) party thereto. This amendment, among other changes, established a new incremental Term B-5 dollar loan facility in an aggregate principal amount equal to $1,985 million (the “Incremental Term B-5 Dollar Facility”). Proceeds of the Incremental Term B-5 Dollar Facility were applied to (a) refinance the existing Term B-4 dollar loans and (b) repay in full the existing Term B-2 Euro loans. The interest rates for borrowings under the Incremental Term B-5 Dollar Facility are based on the SOFR plus an applicable margin of 1.75% per annum. In connection with this amendment, the Company recognized a $4 million loss on extinguishment of debt, which includes fees and related expenses.
As of December 31, 2025, the Credit Agreement provided financing through several senior secured credit facilities of up to $6,412 million, which consisted of $5,217 million principal amounts of debt outstanding (as detailed in the table above), and $1,195 million of available borrowing capacity on the $2,000 million revolving credit facility and standby letters of credit. The revolving credit facility is comprised of a $2,000 million senior secured revolving facility available in U.S. dollars.
2024 Financing Transactions
None
Senior Secured Notes
2024 Financing Transactions
In February 2024, the Issuer completed an exchange offer in which it issued $1,250 million aggregate principal amount of 6.250% Senior Secured Notes due 2029 registered under the Securities Act (the “2029 Registered Notes”) and $750 million aggregate principal amount of 5.700% Senior Secured Notes due 2028 registered under the Securities Act (the “2028 Registered Notes” and, together with the 2029 Registered Notes, the 2029 Senior Secured Notes, and the 2028 Senior Secured Notes, the “Notes”) in exchange for the same principal amount and substantially identical terms of the 6.250% senior secured notes due 2029 (the “2029 Senior Secured Notes”) and 5.700% senior secured notes due 2028 (the “2028 Senior Secured Notes”) which had been issued in November 2023 and May 2023, respectively.
Senior Notes
2025 Financing Transactions
On June 4, 2025, IQVIA Inc. (the “Issuer”), a wholly owned subsidiary of the Company, completed the issuance and sale of $2,000 million in gross proceeds of 6.250% senior notes due 2032 (the “Senior Notes”). The Senior Notes were issued pursuant to an Indenture, dated June 4, 2025, among the Issuer, U.S. Bank Trust Company, National Association, as trustee of the Senior Notes, and certain subsidiaries of the Issuer as guarantors. The net proceeds from the notes offering were used to repay existing borrowings under the Company’s revolving credit facility and to pay fees and expenses related to the Senior Notes offering, with any excess proceeds used for general corporate purposes.
The Senior Notes are unsecured obligations of the Company, will mature on June 1, 2032, unless earlier repurchased or redeemed in accordance with their terms, and bear interest at the rate of 6.250% per year, with interest payable semi-annually on June 1 and December 1 of each year, beginning on December 1, 2025.
The Company may redeem the Senior Notes prior to their final stated maturity, subject to a customary make-whole premium, at any time prior to June 1, 2028 (subject to a customary “equity claw” redemption right) and thereafter subject to a redemption premium declining from 3.125% to 0.000%.
During the twelve months ended December 31, 2025, the Company's Euro denominated 2.875% Senior Notes due 2025 matured and were repaid.
2024 Financing Transactions
None
Receivables Financing Facility
On October 1, 2024, the Company amended its receivables financing facility to extend the term of the $550 million facility to October 1, 2027. Under the receivables financing facility, certain of the Company's accounts receivable are sold on a non-recourse basis by certain of the Company's consolidated subsidiaries (each, an “Originator”) to another of the Company's consolidated subsidiaries, a bankruptcy-remote special purpose entity (the “SPE”). The SPE obtained a term loan and revolving loan commitment from a third-party lender, secured by liens on the assets of the SPE, to finance the purchase of the accounts receivable, which includes a $440 million term loan and a $110 million revolving loan commitment. As of December 31, 2025, no additional amounts of revolving loans were available under the receivables financing facility. The Company has guaranteed the performance of the obligations of existing and future subsidiaries that sell and service the accounts receivable under the receivables financing facility. The assets of the SPE are not available to satisfy any of the Company’s obligations or any obligations of its subsidiaries. As of December 31, 2025, approximately $1,565 million of the Company's trade accounts receivable and unbilled services were pledged as collateral to secure the facility.
Restrictive Covenants
The Company’s debt agreements provide for certain covenants and events of default customary for similar instruments, including a covenant not to exceed a specified ratio of consolidated senior secured net indebtedness to Consolidated EBITDA, as defined in the senior secured credit facility agreement and a covenant to maintain a specified minimum interest coverage ratio. If an event of default occurs under any of the Company’s or the Company’s subsidiaries’ financing arrangements, the creditors under such financing arrangements will be entitled to take various actions, including the acceleration of amounts due under such arrangements, and in the case of the lenders under the revolving credit facility and term loans, other actions permitted to be taken by a secured creditor. The Company’s long-term debt arrangements contain usual and customary restrictive covenants that, among other things, place limitations on the Company’s ability to declare dividends. As of December 31, 2025, the Company was in compliance in all material respects with the financial covenants under the Company’s financing arrangements.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 17, 2026 | Showing above |
| 2017 | Feb 16, 2018 | |
| 2016 | Feb 16, 2017 | |
| 2015 | Feb 11, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.